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Disciplined Execution,
UNLOCKING
GROWTH
2025 Annual Report
PT Saratoga Investama Sedaya Tbk.
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Disclaimer
PT Saratoga Investama Sedaya Tbk.
PT Saratoga Investama Sedaya Tbk. (“Saratoga” or “the Further information on the risks and uncertainties affecting
Company”) is committed to publishing its Annual Report as part Saratoga’s performance can be found throughout the Company’s
of our responsibility to provide a comprehensive overview of financial statements and disclosures, available on Saratoga’s
both operational and financial performance to all stakeholders. website, www.saratoga-investama.com. Should any of these risks
To reflect such commitment, the publication of the 2025 Annual or uncertainties materialize, or should underlying assumptions
Report includes statements that may constitute forward-looking prove incorrect, actual results may differ significantly from those
2025 Annual Report
statements concerning the Company’s business development anticipated in the forward-looking statements.
and future events.
Saratoga does not undertake, nor is it obligated, to update
These statements, by their nature, are subject to inherent or revise any forward-looking statements in response to new
risks and uncertainties. All statements in this report, other information or future events that differ from expectations.
than those pertaining to historical facts—including, without Additionally, due to rounding, certain figures presented in this
limitation, statements regarding the Company’s future financial Annual Report and other related documents may not precisely
position and results of operations, strategy, plans, objectives, sum to the stated totals, and percentages may not accurately
goals, market developments, and other projections—should reflect absolute figures.
be regarded as forward-looking statements. Such statements
are typically identified by words or phrases such as “believe”, When interpreting forward-looking statements, readers are
“expect”, “aim”, “intend”, “will”, “plan”, “look forward to”, “may", advised to carefully consider the potential impact of such
"project”, “estimate”, "anticipate”, “predict”, “seek”, “should”, and risks, uncertainties, and external factors—particularly within
other expressions of similar meaning. the political, economic, social, and legal contexts in which
Saratoga, its subsidiaries, and affiliates operate. Saratoga makes
The future events referred to in these statements are subject no representation, warranty, or assurance that the outcomes
to known and unknown risks, uncertainties, and various other projected in forward-looking statements will be achieved. These
factors—many of which are beyond the control of Saratoga— statements represent one of several possible scenarios and
that could cause actual results, performance, or achievements to should not be viewed as definitive predictions or guarantees of
differ materially from those expressed or implied in the forward- future performance. Accordingly, undue reliance should not be
looking statements. These factors include, but are not limited to, placed on any such statements.
changes in general, national, or regional economic and political
conditions; fluctuations in exchange rates; volatility in commodity The 2025 Annual Report of PT Saratoga Investama Sedaya Tbk. is
prices, supply, and demand; shifts in competition dynamics; and made available for the public on: www.saratoga-investama.com.
amendments to laws, regulations, accounting standards, or policy
guidelines. In addition, variations in the assumptions underlying
these statements may also result in differing outcomes.
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Table of Contents
PT Saratoga Investama Sedaya Tbk.
Disclaimer 1 Consolidated Statements of 55 Succession Planning 79
Financial Position
Table of Contents 2 Remuneration Policy and 79
Consolidated Statements of Cash 56 Assessment on Members of the
Performance Snapshot: Flow BoC and the BoD
Advancing Sustainable
Collectability of the Receivables 57 Diversity of the Composition of 80
Value the BoC and the BoD
Ability to Service Debt 57
2025 Annual Report
Our Strategic Investment 4 Disclosure of Affiliation 80
Capital Structure and 57
Portfolios
Management Policies Concerning Committees Accountable to the 81
Corporate Actions in 2025 5 Capital Structure BoC
Key Highlights in 2025 6 Realization of Capital Goods 58 Assessment on the Committees 86
Investment Milestones 8 Investment Accountable to the BoC
Saratoga in Brief 10 Subsequent Events 58 Committees Accountable to the 87
BoD
Financial Highlights 12 Business Prospects 58
Corporate Secretary 89
2025 Significant Events 15 Comparison between Target/ 58
Projection at the Beginning of Internal Audit Unit 91
Awards & Certifications 15 the Year and Actual Results of
Investor Relations 92
Operations
Management Corporate Communication 93
Report Target for 2026 59
Other Corporate Governance 94
Material Commitments for Capital 59
Report of the Board of 18 Information
Goods Investment
Commissioners Risk Management 98
Marketing Aspects of the 59
Report of the Board of Directors 21 Whistleblowing System 100
Company’s Products and Services
Portfolio Dividend and Dividend Policy 59 Prevention Against Insider Trading 102
Highlights Policy
Realization of the Use of Proceeds 60
Our Publicly-Listed Companies 28 Anti-Corruption and Anti-Fraud 102
Material Information on Investment, 60
Policy
Our Private Companies 30 Expansion, Divestment, Business
Merger/Consolidation, Acquisition, Anti-Money Laundering and 103
Company Capital/Debt Restructuring, Material Counter-Terrorism Financing
Profile Transactions,Transactions with Policy
Affiliated Parties, and Transactions The Implementation of Information 103
Corporate Data 34 Containing Conflict of Interests Technology (IT) Governance
Organization Structure 35 Changes in Regulations with 60 Implementation of the Corporate 104
Our Management Team 36 Significant Impact on the Governance Guidance
Company
Corporate Structure 40
Changes in Financial Accounting 60 Corporate Social
Shareholder Information 42 Standards with Impact for the Responsibility
Share Listing Chronology 43 Company
Our Sustainability Approach 106
Other Securities Listing 43 Corporate Our Approach 106
Chronology Governance
Community Empowerment 108
Stock Highlights 44
Corporate Governance 62 Social and Cultural Development 109
Our Subsidiaries 45
Assessment of Corporate 62 Environmental Stewardship 110
Capital Market Supporting 46 Governance Implementation
Institutions and Professionals CSR Allocation for 2025 111
Roles of Organs of the 63
Human Capital 47 Governance Structure and Employee, Safety and Welfare 111
Accountability Statement of Responsibility 112
Management
Discussion and Shareholders’ Rights 64 by the Members of the Board
Analysis General Meeting of Shareholders 64 of Commissioners and the
(GMS) Board of Directors
Review of Operations 52
Net Gain on Investment in Shares 52 The Board of Commissioners 71 Financial
and Other Securities The Board of Directors 75 Statements
Dividend and Interest Income 53 Induction Program for Newly 78
Net Asset Valuation as of 31 54 Appointed Director and/or
December 2025 and 2024 Commissioner
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PERFORMANCE SNAPSHOT: ADVANCING SUSTAINABLE VALUE
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Performance Snapshot:
Advancing Sustainable Value
Our Strategic Investment Portfolios
PT Saratoga Investama Sedaya Tbk.
As part of our continued commitment to advancing sustainable value for all stakeholders, Saratoga remains focused on expanding
its professional capabilities through strategic investments in high-potential sectors, including natural resources, healthcare
services, consumer-based industries, digital infrastructure, and renewable energy.
To optimize portfolio performance and manage risk effectively, we have diversified our investment focus into two main
categories: growth-oriented companies and blue-chip companies. In addition, Saratoga continues to pursue promising
2025 Annual Report
opportunities in early-stage businesses that demonstrate strong potential to deliver sustainable and profitable growth. Through
these strategic initiatives, we aim to strengthen the Company’s long-term value creation and generate a lasting positive impact
for all stakeholders.
Our Current Portfolios
BLUE CHIP GROWTH
ADARO ANDALAN INDONESIA BRAWIJAYA HEALTHCARE
Energy and Resources Healthcare
ALAMTRI RESOURCES INDONESIA FOODEX
(Previously ADARO ENERGY INDONESIA) Food Seasonings and Ingredients
Mineral Processing and Renewable Energy
BERSAMA DIGITAL INFRASTRUCTURE ASIA FOREST CARBON
Digital Infrastructure (Holding Company of Carbon Offset Credit
Tower Bersama Infrastructure)
MERDEKA COPPER GOLD MITRA PINASTHIKA MUSTIKA
Precious Metals and Mineral Processing Automotive
MULIA BOSCO LOGISTIK
Cold-Chain Logistics
NUSA RAYA CIPTA
Constructions
SAMATOR INDO GAS
Consumer and Industrial Gas
XURYA
Solar Energy
ZAP
Beauty and Health Clinic
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
Corporate Actions in 2025
PT Saratoga Investama Sedaya Tbk.
In the course of 2025, Saratoga and its investee companies undertook several corporate actions that directly
or indirectly impacted their respective ownership structures in the related entities.
Natural Resources
2025 Annual Report
PT Alamtri Resources Indonesia Tbk. (ADRO) distributed a cash dividend payment in June 2025 for 2024
financial year in an amount of USD300.00 million.
Saratoga on 5 March 2025 acquired 121,764,199 shares of PT Merdeka Copper Gold Tbk. (MDKA), bringing
its ownership in the precious metals and processing company to 20.08%. However on 26 August 2025,
Saratoga divested 211,103,896 shares or equivalent to 0.87% of MDKA’s shares, thus bringing Saratoga’s
ownership in MDKA down to 19.47%.
MDKA issued Shelf Bond V Phase II of Year 2025 in an amount of IDR2.8 trillion.
PT Merdeka Gold Resources Tbk. (EMAS), MDKA’s subsidiary, successfully conducted an Initial Public
Offering (IPO) in September 2025. Following the EMAS’ IPO, MDKA increased its stake in EMAS to 56.5%.
PT Merdeka Battery Materials Tbk. (MBMA), MDKA’s subsidiary, issued Mudharabah Sukuk amounting to
IDR16.8 trillion in August 2025 as part of its Shelf Bond and Sukuk Issuance program.
Digital Infrastructure
PT Tower Bersama Infrastructure Tbk. (TBIG) announced its plan to buy back 158 million shares or equivalent
to 0.7% of TBIG’s shares for a total of IDR360 billion.
Beyond its investment and/or divestments activities in its investee companies, Saratoga also announced to
Indonesia Stock Exchange (IDX) on 30 June 2025, its plan to distribute a cash dividend for the 2024 financial
year.
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Performance Snapshot:
Advancing Sustainable Value
Key Highlights in 2025
PT Saratoga Investama Sedaya Tbk.
Active Investing on a Net Basis
(billion IDR)
5,772
2025 Annual Report
2,765
2,152
2023 2024 2025
Disciplined Execution
Throughout 2025, our strategy centered on scaling our existing portfolio—highlighted by the expansion of Brawijaya Healthcare—while
maintaining a disciplined approach in identifying new investment opportunities within our focus sectors.
2023 2024 2025
Opportunities 124 87 99
Preliminary Assessments 23 3 8
Desktop Diligence 10 2 2
Term Sheet 4 2 1
New Investment 3 2 0
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
Value Generation (Net Asset Value)
(billion IDR)
60,284
53,985
2025 Annual Report
48,854
2023 2024 2025
Dividends Income
(billion IDR)
2023 2024 2025
ADRO 2,138 3,121 1,515
MPMX 342 291 304
TBIG 289 363 225
AADI - - 634
NRCA 7 5 4
AGII 2 3 3
Deltomed 6 - -
Others - 3 20
Total 2,784 3,786 2,705
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Performance Snapshot:
Advancing Sustainable Value
Investment Milestones
PT Saratoga Investama Sedaya Tbk.
2002-2012 2013 2014 2015 2016
NAV per Share (IDR)*
1,492 1,635 1,440
1,311
2025 Annual Report
1,001
PT Adaro PT Adaro PT Agro Maju PT Medco Interra Finders PT Trimitra PT Paiton PT Mulia Bosco
Indonesia Energy Tbk.** Raya Power Resources Resources Karya Jaya Energy Logistik
Natural Natural Natural Indonesia Limited Limited (holding of Infrastructure Consumer
Resources Coal Resources Coal Resources Infrastructure Natural Natural PT Merdeka Power Cold-chain
& Energy & Energy Palm Plantation Power Resources Resources Copper Gold Generation Logistics
Generation Oil & Gas Polymetallic Tbk.)
Natural
Resources
Gold
PT Banyan Mas PT Tower PT Mitra PT Tri Wahana Seroja PT Nusa Raya PT Famon Awal
Infrastructure Bersama Pinasthika Universal Investment Cipta Tbk. Bros Sedaya
Telco Tower Infrastructure Mustika Tbk. Infrastructure Limited Infrastructure Consumer
Tbk. Consumer Oil Refinery Infrastructure Construction Healthcare
Saratoga Investment Activity
(previously Automotive Freight
PT Banyan Chartering
Mas)
Infrastructure
Telco Tower
PT Tenaga PT Etika Karya Sihayo Gold PT Mitra
Listrik Usaha Limited Pinasthika
Gorontalo Consumer Natural Mustika Tbk.
Infrastructure Property Resources Consumer
Power Gold Automotive
Generation
PT Lintas Sumatra
Marga Sedaya Copper
Infrastructure and Gold Plc
Toll Road Natural
Reources
Polymetallic
PT Provident
Agro Tbk.***
Natural
Resources
Palm Oil
Plantation
PT Adaro PT Tower PT Provident PT Mitra PT Merdeka
Energy Bersama Agro Tbk. Pinasthika Copper Gold
Indonesia Tbk. Infrastructure Mustika Tbk. Tbk.
Listing
Tbk.
PT Saratoga
Investama
Sedaya Tbk.
Issued EB of
USD100 million
Divestment
Divested palm
plantation assets
of PT Provident
Agro Tbk. with a
market premium
price per hectare
* NAV per share for 2002-2020 is restated following the stock split in 2021.
** As of November 19, 2024, the name PT Adaro Energy Indonesia Tbk. has changed to PT Alamtri Resources Indonesia Tbk.
*** As of August 23, 2022, the name PT Provident Agro Tbk. has changed to PT Provident Investasi Bersama Tbk.
**** As of December 12, 2022, the name PT Aneka Gas Industri Tbk. has changed to PT Samator Indo Gas Tbk.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
2017 2018 2019 2020 2021 2022 2023 2024 2025
4,492 4,444
4,152 3,971
2,337 3,601
1,648 1,685
1,163
2025 Annual Report
PT Deltomed PT Aneka Gas JULO SIRCLO AtriaDC ZAP Brawijaya -
Laboratories Industri Financial e-Commerce Data Center Health and Healthcare
Consumer Tbk.**** Technology Solution Beauty Healthcare
Herbal Medicine Consumer Service Clinic
Industrial Gas
FUSE Forest Carbon Foodex -
Insurance Carbon Offset Food
Technology Credit Seasonings and
Platform Ingredients
Xurya -
Solar Energy
City Vision -
Digital Media
Advertising
-
PT Famon Awal -
Bros Sedaya
Tbk.
-
Divested Divested Divested Divested -
PT Lintas Marga PT Batu Hitam - PT Famon - PT Deltomed
Sedaya Perkasa Awal Bros Laboratories
(Paiton Energy) Sedaya Tbk. - PT Provident
- AtriaDC Investasi
Bersama Tbk.
Divested
PT Medco
Power Indonesia
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Performance Snapshot:
Advancing Sustainable Value
Saratoga in Brief
PT Saratoga Investama Sedaya Tbk.
Our Presence term vision, our goal is to empower the investee companies to
evolve into industry leaders with solid fundamentals, operational
PT Saratoga Investama Sedaya Tbk. (IDX Code: SRTG) is a leading excellence, and sustainable growth strategies in the sectors in
active investment company in Indonesia with nearly 3 (three) which they operate.
decades of investment experience since its establishment in
1997. Saratoga has built a strong track record across multiple Our Activities
2025 Annual Report
economic cycles, supported by a disciplined and long-term
investment approach. Invest
With a passion for excellence, we actively approach investment
Our portfolio spans a diversified range of sectors, with core opportunities early on where significant value can be added.
exposure to natural resources, infrastructure, and renewable
energy—sectors that underpin Indonesia’s structural growth. Grow
Over time, we have expanded our investment footprint by backing We actively support our investment, leverage our expertise
companies aligned with national development priorities, including in investment management, sector knowledge, and wide-
energy transition, digitalization, and consumer empowerment. ranging access to debt and equity capital markets, locally and
internationally.
As one of the foremost investment holding companies in the
country, Saratoga has consistently demonstrated its ability to Monetize
identify, nurture, and grow businesses with high potential across We actively manage our investments and provide our investee
multiple industries, contributing significantly to Indonesia’s companies with a broad range of capital market and strategic
economic development and sustainability. Guided by our long- placement opportunities.
Our Vision, Mission, and Core Values
VISION
A World-Class Active Investment Company in Indonesia that
Excels on the Back of Strong Corporate Characters to Create
Value for Our Stakeholders and the Nation.
MISSION
To be the Partner of Choice for Investors to Participate in the
Dynamic Growth of Indonesia.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
CORE VALUES
PT Saratoga Investama Sedaya Tbk.
Work Hard
Work Smart
Work Thoroughly
Work Wholeheartedly
2025 Annual Report
CORPORATE CHARACTERS
Integrity
Passion & Energy
Competence & Capability
"An Active Investment Company in Indonesia"
The Three Pillars of Our Active The Implementation of Our Dynamic
Investment Methodology Investment Model
Our investment strategies are anchored on three fundamental We remain deeply committed to ensuring the long-term
pillars, i.e. Platforms, Partnerships, and Value Creation, which sustainability of our investments while continuously adapting to the
collectively serve as the foundation for how we identify evolving market landscape. Over the years, we have strengthened
opportunities, build sustainable businesses, and ensure long- our professional capabilities through strategic investments
term growth. across a diverse range of sectors—from natural resources and
infrastructure to healthcare and consumer-based industries. In
Platforms addition, we actively pursue opportunities in new growth areas,
We view every investment as a strategic foundation for the such as the rapidly advancing digital technology sector and the
Company’s organic expansion as well as to facilitate prospective renewable energy industry. Through these initiatives, we aim
acquisitions across the whole value chain. to play an active role in fostering innovation, driving inclusive
progress, and contributing to Indonesia’s sustainable economic
Partnerships growth—both today and in the years to come.
We engage entrepreneurs to obtain their valuable insights
to ensure continuity and performance. Working with global Our investment portfolios encompass any company size of
professional investors, our role is defined as a vital local partner, various sectors:
providing extensive knowledge of the market and regulatory
environment. • Early stage companies with significant upside;
• Growth companies with proven business model and strong
Value Creation financial performance; and
We are committed to not only providing capital support but also • Listed blue chip companies with well-established market
inputs, recommendations and financial advisory for the effective positions, long-term growth prospect and capital appreciation.
operation of our investee companies. We also contribute industry-
specific expertise—encompassing knowledge, operational Our Board of Commissioners and Board of Directors conducts
experience, and technological insights—to support and enhance consistent reviews of the Vision, Mission, and Core Values of the
the business performance of our investee companies. Company to ensure that they reflect the Company’s business
developments. To date, we conclude that the Company’s Vision,
Mission, and Core Values are still relevant with the Company’s
objectives.
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Performance Snapshot:
Advancing Sustainable Value
Financial Highlights
PT Saratoga Investama Sedaya Tbk.
Consolidated Statements of Financial Position
(billion IDR)
Description 2023 2024 2025
Assets
2025 Annual Report
Cash and Cash Equivalents 665 1,533 966
Investments in Shares and Other Securities 49,008 55,546 60,658
Other Assets 1,272 763 887
Total Assets 50,945 57,842 62,511
Liabilities
Borrowings 926 3,214 1,450
Other Liabilities 1,231 2,855 2,142
Total Liabilities 2,157 6,069 3,592
Equity
Net Equity Attributable to Owners of the Company 48,709 51,746 58,891
Non-controlling Interest 79 27 28
Total Equity 48,788 51,773 58,919
Total Liabilities and Equity 50,945 57,842 62,511
Consolidated Statements of Profit or Loss and Other Comprehensive Income
(billion IDR)
Description 2023 2024 2025
Income (Loss)* (10,971) 5,310 7,018
Expenses (338) (395) (409)
Profit (Loss) Before Income Tax (11,309) 4,915 6,609
Profit (Loss) for the Year (10,151) 3,291 7,322
Total Comprehensive Income (Loss) for the Year (10,125) 3,318 7,337
Profit (Loss) for the Year Attributable to:
Owners of the Company (10,150) 3,290 7,319
Non-controlling Interests (1) 1 3
Total Comprehensive Income (Loss) for the Year Attributable to:
Owners of the Company (10,125) 3,317 7,334
Non-controlling Interests (0) 1 3
Earning (Loss) Per Share Basic (Whole IDR) (750) 243 540
*Include net gain (loss) on investments in shares and other securities.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
Total Assets Total Liabilities
PT Saratoga Investama Sedaya Tbk.
(billion IDR) (billion IDR)
62,511
57,842
50,945 6,069
2025 Annual Report
3,592
2,157
2023 2024 2025 2023 2024 2025
Total Equity Profit (Loss) Attributable to Owners
(billion IDR) of the Company
(billion IDR)
7,319
58,919
51,773
48,788
3,290
(10,150)
2023 2024 2025
2023 2024 2025
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Performance Snapshot:
Advancing Sustainable Value
PT Saratoga Investama Sedaya Tbk.
Consolidated Statements of Cash Flow
(billion IDR)
Description 2023 2024 2025
Net Cash for (from) Operating Activities 1,408 (1,031) 1,384
Net Cash for Investing Activities (1) (18) (10)
2025 Annual Report
Net Cash for (from) Financing Activities (1,611) 1,887 (1,956)
Cash and Cash Equivalent at End of Year 665 1,533 966
Financial Ratios
(in percentage or multiple)
Description 2023 2024 2025
Growth Ratios (%)
Income (274) 148 32
Expense (24) 17 4
Profit for the Year (319) 132 122
Total Comprehensive Income for the Year (321) 133 121
Total Assets (20) 14 8
Total Liabilities (45) 181 (41)
Total Equity (18) 6 14
Operating Ratios (%)
Expense/Income (3) 7 6
Profit for the Year/Income 93 62 104
Total Comprehensive Income for the Year/Income 92 62 105
Total Profit for the Year/Average Total Assets (18) 6 12
Total Comprehensive Income for the Year/Average Total Assets (19) 6 12
Total Profit for the Year/Average Net Equity (19) 7 13
Total Comprehensive Income for the Year/Average Net Equity (19) 7 13
Financial Ratios (x)
Current Assets/Current Liabilities N/A N/A N/A
Total Liabilities/Total Assets 0.04 0.10 0.06
Total Liabilities/Total Equity 0.04 0.12 0.06
Total Debt/Total Assets 0.02 0.06 0.02
Total Debt/Net Equity 0.02 0.06 0.02
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
2025 Significant Events
PT Saratoga Investama Sedaya Tbk.
2025 Annual Report
Saratoga’s General Meeting of Shareholders The IPO of Merdeka Gold Resources
Implementation
PT Merdeka Gold Resources Tbk. (EMAS) conducted a
Saratoga held Annual General Meeting of Shareholders successful Initial Public Offering (IPO) on Indonesia Stock
(GMS) and Extraordinary GMS all at once on 25 June 2025. Exchange (IDX) on 23 September 2025, where it offered 1.62
billion new shares to the public.
The Grand Opening of Brawijaya Hospital -
Taman Mini
As part of our commitment to extending high quality healthcare
services to Indonesian families, Brawijaya Hospital Group on 28
October 2025 officially inaugurated its sixth hospital chain, the
Brawijaya Hospital – Taman Mini. The inaugural ceremony was
attended by Indonesia’s Minister of Health Budi Gunadi Sadikin,
Board of Directors of the Company as well as the Company's
senior executives.
Awards & Certifications
PT Merdeka Copper Gold Tbk. was honoured with
Lestari Awards 2025 for the category of Human
Rights and Employment Standards to recognize
its “Embedding Human Rights at the Heart of
Merdeka’s Business Practices” program highlighting
Brawijaya Hospital proudly the implementation of the 5th pillar of Merdeka’s
received a "Rumah Sakit Sustainability Strategy: Respecting Human Rights.
Umum Pilihan HaiBunda
The 50 Public 2025" (Hospital of 2025
Companies with HaiBunda’s Choice) title at
the Largest Market Pilihan Bunda Awards 2025, PT Merdeka Copper Gold Tbk. received PRISMA
Capitalization from recognizing its commitment award from Indonesia’s Minister of Human Rights,
the IICD Corporate to delivering trusted and scoring 81 in Business Risk Assessment and Human
Governance Award
quality healthcare services Rights (PRISMA) with green category.
which was held on 15
for families.
September 2025.
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Advancing Sustainable Value
Performance Snapshot:
PT Saratoga Investama Sedaya Tbk. 2025 Annual Report
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MANAGEMENT REPORT
Page 20
Management
Report
Report of the Board
PT Saratoga Investama Sedaya Tbk.
of Commissioners
2025 Annual Report
Edwin Soeryadjaya
President Commissioner
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
Against this backdrop, I am proud to share that Saratoga maintained
steady execution and continued to strengthen its foundation for long-
term value creation.
2025 Annual Report
Dear Valued Shareholders and Stakeholders, In Digital Infrastructure, through Digital Realty Bersama,
we integrated our data centers into Digital Realty’s global
It is a privilege to present this year’s Annual Report on behalf of PlatformDIGITAL® ecosystem. With expansion plans of up to
the Board of Commissioners. As I reflect on 2025, I am reminded 62MW across two strategic Jakarta campuses, we are supporting
of the principles that guide Saratoga as an investment company Indonesia’s digital transformation through scalable and reliable
committed to long-term value creation for Indonesia. data center infrastructure.
Navigating a Year of Complexity In Renewable Energy, we advanced projects that align with
global decarbonization imperatives. This is not simply good
The year 2025 brought its share of opportunities and challenges. business; it is our contribution to the future we want to leave for
Globally, economies adjusted to shifting trade policies, evolving generations to come.
tariff landscapes, and broader structural adjustments. The World
Economic Outlook projected global growth at 3.2%, a modest Governance
deceleration from 2024, reflecting a more measured global
environment. Throughout 2025, the Board of Commissioners remained
deeply engaged in its supervisory role. We worked alongside
Here at home, Indonesia showed resilience. Our nation’s the Board of Directors, providing strategic guidance to ensure
macroeconomic fundamentals remained sound, with that key decision balanced growth ambitions with prudent risk
moderate inflation, disciplined fiscal management, and management.
continued entrepreneurial activity. At the same time, evolving
domestic consumption patterns, productivity dynamics Governance, for us, is not a compliance exercise—it is a
across manufacturing and SMEs, and global commodity price commitment. Accountability, transparency, and integrity guide
movements required thoughtful adjustment. These developments how we oversee the Company and hold ourselves to account.
underscored the importance of agility, discipline, and long-term
perspective. Working closely with the Audit Committee, we maintained robust
oversight of investment and divestment activities to ensure
Saratoga’s Response: Steadfast and Strategic adherence to regulatory requirements and the arm’s length
principle. We also continued to strengthen Environmental, Social,
Against this backdrop, I am proud to share that Saratoga and Governance (ESG) practices across the portfolio, including
maintained steady execution and continued to strengthen its initiatives to improve energy efficiency, monitor greenhouse gas
foundation for long-term value creation. Our Board of Directors, emissions, and promote sustainable business practices.
supported by an exceptional team, executed a disciplined
investment strategy that strengthened our presence in sectors Looking Ahead
critical to Indonesia’s structural growth.
As we look ahead to 2026, I remain cautiously optimistic. We
In Healthcare, we deepened our commitment to accessible, anticipate a stabilizing environment where businesses can
world-class medical services. Brawijaya Hospital Group continued expand, innovate, and compete more confidently. Moderate
to elevate its Centers of Excellence—BraveHeart, our national inflation, steady domestic consumption, and sustained
cardiac referral center, and Benih IVF Center—while expanding government investment should create favourable conditions for
its network with the addition of Brawijaya Hospital Taman Mini. growth.
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Management
Report
PT Saratoga Investama Sedaya Tbk.
At the same time, global complexities persist. Trade pattern shifts, A Word of Gratitude
supply chain realignments, and uneven recovery trajectories
across advanced economies will continue to influence emerging I wish to close on a personal note.
markets like ours. We must remain vigilant, adaptable, and
strategic. To the Board of Directors and the entire Saratoga team, thank
you for your dedication, professionalism, and unwavering
To the Board of Directors, my guidance remains consistent: stay commitment throughout the year. Your resolve in challenging
disciplined, stay selective, and stay focused on sectors aligned moments and sound judgment in times of opportunity were
with Indonesia’s long-term structural growth—healthcare, central to our progress.
renewable energy, digital infrastructure, and consumer-based.
2025 Annual Report
At the same time, stay alert to emerging opportunities that offer To our shareholders and stakeholders, thank you for your
sustainable value creation. continued trust and support. We carry this responsibility with
care and accountability.
As we move forward, let us remain united in our purpose: to build
an institution that creates lasting value, supports Indonesia’s
growth, and leaves a positive legacy for future generations.
With gratitude,
Edwin Soeryadjaya
President Commissioner
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
Report of the Board of
PT Saratoga Investama Sedaya Tbk.
Directors
2025 Annual Report
Michael W. P. Soeryadjaya
President Director
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Management
Report
PT Saratoga Investama Sedaya Tbk.
Overall, we recorded a 11.7% YoY increase in NAV to IDR60.3 trillion.
This achievement underscores Saratoga’s continued value creation, which
is underpinned not only by market valuations, but also by solid operational
execution, the continued growth of our unlisted portfolio, and steady
2025 Annual Report
dividend contributions from mature holdings.
We extend our deepest appreciation to everyone, including our Portfolio Performance and Operational Excellence
dedicated employees, valued shareholders, trusted partners, and
committed stakeholders, who have contributed to Saratoga’s Our investment goals remain focused on supporting operational
continued success. Your vision, support, and collaboration have improvements and ensuring our portfolio companies are well-
been instrumental in strengthening Saratoga’s foundation for positioned to capture growth opportunities, as we continue to
sustainable growth. strengthen and scale our portfolio companies.
Strategic Initiatives: From Resilience to Structural In the healthcare sector, we extended strong support for
Growth Brawijaya Hospital Group’s expansion strategy, aimed at
unlocking greater market potential in Indonesia’s growing
In 2025, we navigated a period marked by simultaneous shifts healthcare sector. Driven by the rising demand for accessible
in global and domestic dynamics, including commodity price and high-quality medical services, our support focuses on
movements and an evolving economic landscape. Our response strengthening Brawijaya’s operational capacity, broadening its
remained consistent: to steadfastly ground our investment service network, and enhancing patient care through advanced
strategy in long-term value creation. This approach required us facilities and technology.
to ensure discipline in execution, exercise prudence in capital
allocation, and focus on opportunities that reinforce our enduring In digital infrastructure, we deepened our commitment by
growth objectives. establishing Digital Realty Bersama, reflecting our conviction that
digital infrastructure is a foundational enabler of Indonesia’s next
At the start of the year, our investment team conducted a growth phase. The partnership combines Digital Realty’s global
comprehensive market analysis across potential and emerging data center expertise with Bersama Digital Infrastructure Asia
sectors. This process helped us identify key growth drivers, Pte. Ltd. (BDIA)’s local network leadership, providing Saratoga
understand evolving market dynamics, and refine our view on with a strong platform to participate in the country’s expanding
new investment opportunities. The insights gained sharpened data center and cloud connectivity ecosystem, driven by rapid
Saratoga’s strategic focus and reinforced our long-term growth digital adoption, AI acceleration, and enterprise transformation.
trajectory.
Across our sustainability-related initiatives, we remain committed
Our four key investment sectors—healthcare, renewables and to supporting businesses that drive energy transition. This
the green economy, digital infrastructure, and consumer— serve includes opportunities in renewable energy, decarbonization
as Saratoga’s emerging growth pillars. These sectors strengthen technologies, and resource-efficient solutions that align with
our portfolio diversification and complement our established Indonesia’s long-term objectives. In the consumer sector, fueled
positions in natural resources and infrastructure. by rapid urbanization and the increasing spending power of the
middle class, we continue to identify opportunities for innovative
products that cater to lifestyle shifts.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
2025 Annual Report
Board of Directors
Michael W. P. Soeryadjaya, Lany Djuwita Wong, Devin Wirawan
We remain constructive on the long-term fundamentals of We are increasingly deploying capital toward sectors with
our resource-based holdings. Our approach emphasizes structural growth potential. These sectors—healthcare, digital
strengthening long-term fundamentals through operational infrastructure, renewables, and consumer—are underpinned by
efficiency initiatives and disciplined capital management. Indonesia’s demographic expansion and sustainability agenda,
providing multi-decade growth potential beyond cyclical trends.
The Initial Public Offering (IPO) of PT Merdeka Gold Resources
Tbk. (EMAS), a subsidiary of PT Merdeka Copper Gold Tbk. Pursuing continuous value creation beyond capital contribution
(MDKA), marked a strategic milestone and reflected the group’s remains Saratoga’s investment philosophy. We are committed
proactive approach to optimizing value realization and financial to continue leveraging our operational expertise, governance
sustainability, while further strengthening its position within support, and network to accelerate growth and strengthen
Indonesia’s mining and precious metals industry. the performance of our portfolio companies. This approach
enables us to build a well-diversified and future-ready portfolio,
Overall, we recorded a 11.7% YoY increase in NAV to IDR60.3 positioning Saratoga to capture enduring growth opportunities
trillion. This achievement underscores Saratoga’s continued value amidst dynamic market conditions.
creation, which is underpinned not only by market valuations, but
also by solid operational execution, the continued growth of our Corporate Governance and ESG
unlisted portfolio, and steady dividend contributions from mature
holdings. Saratoga’s commitment to ESG principles remains unwavering.
Beyond regulatory compliance, we integrate these principles into
Outlook for 2026 our investment strategy to ensure that every decision contributes
to long-term value creation while minimizing environmental
Looking ahead, we anticipate an evolving landscape shaped impact, promoting social well-being, and upholding strong
by global policy changes and economic transitions. We remain governance practices. ESG serves not only as a framework
cautiously optimistic that a more stable environment will foster for responsible investing but also as a guiding compass that
stronger investor confidence and more favorable conditions for strengthens professionalism, accountability, and integrity across
our portfolio companies to maintain their sustainable growth. all levels of the organization.
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Management
Report
PT Saratoga Investama Sedaya Tbk.
This holistic approach reinforces our ambition to build a resilient This strong shared sense of purpose has enabled us to execute our
and sustainable organization—one that creates meaningful strategies effectively, strengthen our portfolio performance, and
impact for our stakeholders, aligns with global sustainability pursue new opportunities across priority sectors. By maintaining
goals, and supports Indonesia’s transition toward a greener, more our focus on disciplined investment, operational excellence, and
inclusive economy. sustainability-driven growth, we continue to reinforce Saratoga’s
position as a trusted and forward-looking investment company.
Appreciation We look forward to continuing our shared pursuit of excellence
and value creation in the years ahead for our shareholders and
We remain sincerely grateful for the collective efforts, unwavering stakeholders alike.
commitment, and dedication of our internal stakeholders –
2025 Annual Report
the Directors, the Commissioners and the staff, all of whom
contributed to our success in 2025. Their professionalism, agility,
and perseverance indeed have helped the Company navigate the
dynamic business environment.
On behalf of the Board of Directors,
Michael W. P. Soeryadjaya
President Director
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
Financial Performance: Solid Foundation,
Sustainable Growth
Amid a dynamic global and domestic economic environment,
Saratoga maintained a resilient investment portfolio and
strong liquidity position in 2025, reflecting prudent financial
management and disciplined capital allocation. This approach
enabled Saratoga to preserve balance sheet strength while
retaining flexibility to support long-term growth initiatives.
2025 Annual Report
Key Financial Highlights
Our solid portfolio performance contributed IDR60.3 trillion to
the Company’s Net Asset Value (NAV) as of the end of 2025.
This represents a 11.7% YoY increase from 2024, driven by the
robust growth of our key portfolio holdings, including PT Merdeka
Copper Gold Tbk. (MDKA) and PT Tower Bersama Infrastructure
Tbk. (TBIG).
In addition to NAV growth, Saratoga also generated strong cash
flows, booking dividend income of IDR2.7 trillion during the year.
Contributions were primarily driven by core public investments,
including PT Alamtri Resources Tbk. (ADRO), PT Adaro Andalan
Indonesia Tbk. (AADI), PT Mitra Pinasthika Mustika Tbk. (MPMX), Lany Djuwita Wong
Finance Director
and TBIG, underscoring the stability of Saratoga’s mature
portfolio.
The Company maintained strong operational efficiency and Looking Ahead
financial discipline, with operating cost-to-NAV ratio maintained
at 0.4%. At the same time, the Loan-to-Value (LTV) ratio decreased With a solid financial foundation and prudent capital management,
to 0.8% in FY2025 from 3.0% in FY2024. This optimized capital Saratoga is well-positioned to pursue new growth opportunities
structure provides the Company with the capacity to support amid an evolving market landscape. Our unwavering focus on
high-quality investment opportunities while maintaining financial long-term growth sectors—healthcare, digital infrastructure,
flexibility. consumer, and renewable energy—will continue to serve as the
cornerstone of our investment strategy.
Shareholder Returns
Combined with disciplined risk management and proactive
Saratoga’s strong financial position provides the flexibility to oversight, this strategic direction ensures our ability to deliver
execute its investment strategy while delivering sustainable consistent value creation for shareholders while supporting the
returns to shareholders. As approved at the General Meeting of broader goals of sustainable national development.
Shareholders on 25 June 2025, the Company distributed a cash
dividend of IDR14.75 per share, amounting to IDR199.9 billion.
This distribution reflects confidence in Saratoga’s long-term
fundamentals and its continued commitment to shareholder
value creation.
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Management
Report
PT Saratoga Investama Sedaya Tbk.
2025 Strategic Milestones
In healthcare, Brawijaya Hospital Group achieved a key expansion
milestone with the opening of Brawijaya Taman Mini, a strategically
located general hospital in Taman Mini with direct access to
major transport infrastructure. The facility offers approximately
100 inpatient beds, advanced medical technology, and multiple
Centers of Excellence, including Degenerative Care, Trauma Care,
Mother & Child Health, and Medical Check-Up services. Across
its network, Brawijaya continues to strengthen its differentiated
2025 Annual Report
offering through specialized Centers of Excellence such as
BraveHeart for cardiovascular care and Benih IVF Center for
fertility services. These initiatives reinforce Brawijaya’s position
as a trusted premium healthcare provider and support its long-
term growth strategy.
In the consumer sector, ZAP delivered solid performance,
supported by sustained demand for aesthetic and dermatology
services. The success of the Juva by ZAP skincare line expanded
the brand into daily skincare through nationwide clinic distribution
and e-commerce platforms. As of December 2025, ZAP operated
118 clinics across Indonesia, reflecting disciplined expansion and
a well-integrated beauty ecosystem.
Devin Wirawan
Investment Director
Furthermore, we extend our appreciation to the management
teams of our major portfolio companies for their steadfast
Investment Performance: Active Management, leadership, which underpinned the resilient overall performance
Strategic Execution of Saratoga’s investment portfolio amid a volatile market
environment. ADRO delivered strong operational and financial
In 2025, Saratoga’s investment mandate remained centered results, underpinned by disciplined capital allocation and
on active portfolio management and disciplined execution of continued progress in downstream diversification through the
our growth strategies. Against a backdrop of macroeconomic green aluminum smelter project. MDKA also demonstrated
volatility and policy transitions, our investment team focused resilient performance across its diversified gold, copper, and
on strengthening the fundamentals of our portfolio companies nickel portfolio, supported by improved margins at the Tujuh
and actively building scalable platforms aligned with Indonesia’s Bukit Gold Mine amid strong gold prices, stable output from the
long-term structural transformation. Our focus remained on Wetar copper mine, the successful IPO of EMAS, and continued
establishing strong market positions in sectors with high growth advancement of downstream battery materials projects.
potential, ensuring that every asset in our portfolio possesses a
clear trajectory for sustainable expansion. Looking Ahead
The year was characterized by concurrent global and domestic Saratoga will continue to pursue a long-term investment
shifts, creating both challenges and opportunities. Navigating approach, grounded in deep partnerships with portfolio
this environment required agility, selectivity, and a clear focus on companies, disciplined capital allocation, and diversification
execution, ensuring that capital deployment was directed toward across resilient growth sectors. As market conditions evolve,
opportunities with strong risk-adjusted returns. the Company remains focused on strengthening portfolio
performance, driving operational improvements, and identifying
We remain constructive on the long-term fundamentals of new investment themes that offer scalable and sustainable value
our resource-based portfolio, which continues to anchor our creation.
holdings. Simultaneously, we expanded investments in sectors
with structural growth potential—healthcare, renewables and
green economy, consumer, and digital infrastructure. This
balanced approach allowed us to manage cyclical exposure while
unlocking long-term growth potential.
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PORTFOLIO HIGHLIGHTS
Page 30
Portfolio
Highlights
Our Publicly-Listed Companies
PT Saratoga Investama Sedaya Tbk.
2025 Annual Report
Our Publicly-Listed Companies
PT Alamtri Resources Indonesia Tbk. (ADRO) PT Adaro Andalan Indonesia Tbk. (AADI)
In late 2024, ADRO completed its strategic repositioning to In 2025, PT Adaro Andalan Indonesia Tbk. (AADI) established
focus on mineral processing and renewable energy. Following itself as a premier standalone thermal coal producer following
the separation of its thermal coal subsidiary, PT Adaro Andalan its strategic separation from PT Alamtri Resources Indonesia
Indonesia Tbk. (AADI), the Company managed its portfolios to Tbk. (ADRO). As a pure-play entity, AADI sharpened its focus on
concentrate all resources on its metallurgical coal and minerals maximizing value from its world-class, low-cost assets, ensuring
business operated through PT Alamtri Minerals Indonesia Tbk. its continued role as a pillar of regional energy security.
(ADMR).
Navigating a normalizing global pricing environment, AADI
Progress at PT Alamtri Minerals Indonesia Tbk. (ADMR) further demonstrated financial resilience underpinned by rigorous cost
reinforced positive market sentiment toward ADRO’s long-term discipline and operational efficiency. The company successfully
prospects. ADMR’s aluminium smelter project remained on grew its sales volumes, capitalizing on structurally robust demand
track to commence initial operations in December 2025. Phase from its primary markets in Asia. This demand stability offset the
1 is expected to deliver production capacity of 500,000 tonnes impact of softer commodity prices, allowing AADI to maintain
per year, with planned expansion to 1.5 million tonnes per year healthy operating margins.
in subsequent phases. The project represents a key milestone
in the group’s downstream expansion strategy and underscores Operationally, the company continued to optimize mine
its commitment to diversification into value-added, sustainable sequencing to manage stripping ratios effectively, ensuring
industries. production remained on track with full-year targets. Looking
ahead, AADI remains committed to generating consistent cash
Reflecting solid cash generation and its commitment to flows through its integrated pit-to-port supply chain, while
shareholder returns, ADRO’s shareholders approved the maintaining the reliability and quality that defines the "Envirocoal"
distribution of an interim cash dividend of USD250 million, brand.
scheduled for payment on 15 January 2026.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
PT Merdeka Copper Gold Tbk. (MDKA) PT Mitra Pinasthika Mustika Tbk. (MPMX)
MDKA concluded 2025 with robust operational momentum, In 2025, MPMX demonstrated remarkable resilience and
capitalizing on a record gold price environment while accelerating operational strength, effectively navigating dynamic market
its transformation into a vertically integrated strategic materials conditions to maintain a solid financial trajectory across its
producer. The Tujuh Bukit Gold Mine (TB Gold) performed as a integrated automotive ecosystem.
key cash flow generator, delivering significant margin expansion
by leveraging strong production reliability against historically The Distribution and Retail segment continued to serve as the
high average selling prices. Meanwhile, the Wetar Copper Mine group's largest revenue contributor. Amidst broader industry
continued to provide stable base metal contributions, maintaining adjustments, MPMX continued to implement disciplined
2025 Annual Report
profitability through disciplined cost management. inventory management and targeted marketing initiatives to
maintain operational resilience and earnings quality.
MDKA’s subsidiary, PT Merdeka Battery Materials Tbk. (MBMA)
continued its operational expansion in 2025. The Sulawesi Cahaya Meanwhile, MPM Rent solidified its position in the corporate
Mineral (SCM) mine accelerated production, increasing saprolite mobility sector by accelerating digital integration to optimize
and limonite volumes to support downstream processing needs. fleet management and streamline customer experiences. This
Concurrently, the company optimized its Nickel Pig Iron (NPI) technology-driven approach drove higher operational efficiency
smelters and advanced its battery-grade nickel initiatives, further and maintained healthy utilization rates. In parallel, the Financial
integrating its position within the electric vehicle supply chain. Services vertical executed a strategic pivot to prioritize asset
quality, ensuring a healthy balance sheet and a stronger
Significant Project Milestones in 2025 foundation for sustainable ecosystem growth.
The year was defined by the successful execution of major With this robust operational foundation and a sharpened focus
growth projects that set the stage for long-term value creation: on digital transformation, MPMX is well-positioned to accelerate
growth. The groups remains committed to unlocking new value
1. Pani Gold Project (EMAS) IPO & Commissioning: a defining through strategic collaborations and continuing its evolution as
highlight of 2025 was the successful Initial Public Offering Indonesia’s leading smart mobility provider.
of PT Merdeka Gold Resources Tbk. (EMAS) in September,
which secured the funding pathway for the Pani Gold Project.
By year-end, the project transitioned from construction to
commissioning, achieving critical milestones including first
mining and ore stacking, keeping the project firmly on track
for its first gold pour in early 2026.
2. AIM Project – Full Integration: the Acid Iron Metal (AIM)
Project reached its final completion phase in 2025. Following
the stabilization of the acid and steam plants, the facility
commenced copper cathode production in the fourth quarter.
This achievement marks the full operational integration of the
AIM complex, maximizing value recovery from Wetar’s spent
ore.
3. High-Pressure Acid Leach (HPAL) Progress: the group’s
hydrometallurgy footprint expanded significantly. PT ESG
New Energy Material ramped up production of Mixed
Hydroxide Precipitate (MHP), capitalizing on stable demand.
Concurrently, the PT Sulawesi Nickel Cobalt HPAL project
achieved major construction progress throughout the year,
advancing the group’s timeline for expanded battery-grade
nickel production.
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Portfolio
Highlights
PT Saratoga Investama Sedaya Tbk.
PT Tower Bersama Infrastructure Tbk. (TBIG) PT Samator Indo Gas Tbk. (AGII)
In 2025, the Company’s strategy and proactive response to In 2025, AGII reinforced its position as Indonesia’s leading
industry changes enabled it to deliver steady operational and industrial gas provider by expanding its extensive national
financial results. TBIG continued to expand its footprint across network to 60 plants and 103 filling stations across 29 provinces.
the Indonesian archipelago by providing innovative connectivity This infrastructure growth allowed the company to capture rising
solutions to its telecommunication customers. With a portfolio demand across diversified sectors, driving stronger sales volume
of more than 24,300 telecommunication sites and DAS networks, in both gas products and equipment services.
the company is a key partner to the Indonesian telecommunication
operators in their effort to navigate the complexities of deploying Operationally, AGII focused on optimizing production efficiency,
2025 Annual Report
next-generation technologies, ultimately a key enabler of which resulted in improved gross profit margins. The company
Indonesia's digital progress. continued to execute its long-term strategy by investing in new
production facilities and distribution points, ensuring readiness to
support Indonesia’s ongoing industrialization and medical needs.
Our Private Companies
Brawijaya Healthcare (Brawijaya) Across its network, Brawijaya Hospital is strongly committed
to delivering specialized, high-quality healthcare through
Brawijaya Hospital is a premium general hospital group in the development of its Centers of Excellence, each built on
Indonesia that has demonstrated consistent growth and deep expertise in specific medical fields. Notable examples
strategic expansion over recent years. The group that began as include BraveHeart, a dedicated cardiovascular center located
a single healthcare facility has evolved into a well-established at Brawijaya Saharjo, which provides end-to-end heart care
network comprising six hospitals and one clinic, reflecting the treatments supported by leading specialists and state-of-the-art
group’s commitment to expanding access to high-quality medical medical facilities. In addition, the Benih IVF Center at Brawijaya
services while maintaining a strong focus on clinical excellence Antasari offers comprehensive fertility and reproductive health
and patient-centered care. services, delivering specialized treatments tailored to individual
patient needs.
A key milestone in Brawijaya Hospital’s expansion strategy in
2025 was the opening of its newest general hospital, Brawijaya Through continuous network expansion, strategic location
Taman Mini. Strategically located within the Taman Mini selection, and the development of Centers of Excellence,
Indonesia Indah (TMII) area, the facility was developed using a Brawijaya Hospital Group continues to strengthen its position as
Transit-Oriented Development (TOD) concept. This approach a trusted premium healthcare provider. The addition of Brawijaya
provides an integrated direct and convenient access to major Taman Mini not only enhances service capacity in East Jakarta but
transportation infrastructure, including Jabodebek LRT Station also supports the group’s long-term growth strategy, reinforcing
and the Jagorawi Toll Road, enhancing accessibility for patients, its mission to provide accessible, high-quality, and specialized
families, and medical professionals. The presence of this facility healthcare services across Indonesia.
further strengthens Brawijaya’s operational footprint in East
Jakarta, an area with growing demand for premium healthcare
services.
Brawijaya Taman Mini is designed as a comprehensive general
hospital supported by approximately 100 inpatient beds, a
team of experienced medical professionals, advanced medical
technology, and a wide range of specialist services. The hospital
features several Centers of Excellence, focusing on Degenerative
Care, Trauma Care, Mother & Child Health, and Medical Check-
Up services. These centers are structured to deliver integrated
and specialized treatment, ensuring high standards of clinical
outcomes and patient safety.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
Digital Realty Bersama (formerly Bersama Digital
Data Centres/BDDC)
Bersama Digital Data Centres (BDDC), a key component of
Bersama Digital Infrastructure Asia (BDIA), continued to support
the rapid growth of Indonesia’s digital economy. Through the
development and operation of carrier-neutral, high-quality
data center facilities, BDDC played an increasingly important
role in enabling cloud services, enterprise digitalization, and
interconnection across the country.
2025 Annual Report
In March 2025, BDIA reached a significant strategic milestone
with the formation of a 50:50 joint venture with Digital Realty,
the world’s largest global provider of cloud- and carrier-neutral
data center, colocation, and interconnection solutions. This
partnership resulted in the establishment of Digital Realty
Bersama, a joint venture that combines BDIA’s local expertise
and Jakarta-based data center platform, BDDC, with Digital
Realty’s global PlatformDIGITAL® ecosystem. The collaboration
marks Digital Realty’s entry into the Indonesian market and is
designed to support the country’s fast-growing digital economy
by delivering world-class data center infrastructure and global
connectivity.
Through Digital Realty Bersama, the joint venture owns and
operates a connected data center campus in Jakarta, consisting
of multiple strategically located facilities. These include JST1
(Jakarta Selatan Timur), a recently launched, state-of-the-art
data center located in East Jakarta, and JBT1 (Jakarta Barat ZAP
Tangerang), which serves the West Jakarta area. The geographic
positioning of these facilities enhances resilience, connectivity, In 2025, ZAP delivered solid performance by optimizing
and proximity to key enterprise, cloud, and network customers. its established network, which comprises nearly 118 clinics
nationwide. The group focused on operational excellence and
To address accelerating demand for data storage, cloud services, service consistency to improve asset utilization across its
and interconnection in Indonesia, Digital Realty Bersama has footprint. This strong operational performance enabled ZAP to
announced plans to significantly expand capacity across its capture sustained demand for professional aesthetic services,
Jakarta campuses. JST1 is targeted to reach 32 MW of IT load reinforcing its leadership position in Indonesia’s major urban
capacity, while JBT1 is planned to expand to 30 MW. These centers.
expansions reflect strong confidence in Indonesia’s long-term
digital growth trajectory and underscore the joint venture’s A key development during the year was the successful
commitment to delivering scalable, reliable, and future-ready enhancement and expansion of Juva by ZAP, the group’s
digital infrastructure. proprietary skincare line. Built on ZAP’s clinical expertise in
medical aesthetics, Juva–now widely available across ZAP clinics
By combining a strong local platform with global expertise and nationwide as well as through e-commerce platforms–offers
interconnection capabilities, the joint venture is well positioned dermatologically proven products that complement in-clinic
to serve multinational corporations, hyperscale cloud providers, treatments. The brand’s growth highlights the strong synergy
and domestic enterprises, while contributing meaningfully to the between high-efficacy products and ZAP’s established brand
development of Indonesia’s digital ecosystem. equity, driving consumer adoption and deepening the group’s
integrated ecosystem.
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Portfolio
Highlights
PT Saratoga Investama Sedaya Tbk.
2025 Annual Report
Xurya Daya Indonesia (XURYA) Beyond its core rooftop solar rental business, 2025 marked a
strategic milestone for Xurya by venturing into the Off-Grid
Xurya is a leading renewable energy provider in Indonesia and Independent Power Producer (IPP) markets. This strategic
specializing in solar power (PLTS) solutions for commercial and move enables Xurya to serve C&I customers located in remote
industrial (C&I) buildings nationwide. Xurya continues to play areas that are not connected to the main PLN grid, significantly
an active role in supporting Indonesia’s energy transition while broadening its addressable market. At the same time, this
delivering reliable and cost-efficient power solutions to its expansion aligns closely with the Indonesian government’s long-
clients. As of mid-2025, Xurya has completed more than 300 term objective to achieve 38 GW of renewable energy capacity
solar projects across Indonesia with a total operating capacity by 2035, positioning Xurya as an important contributor to national
exceeding 100 MW. These projects have been delivered in energy security and sustainability goals.
collaboration with over 170 local Engineering, Procurement, and
Construction (EPC) partners, reflecting a strong commitment Throughout 2025, Xurya has executed a number of high-
to developing local capabilities and fostering regional economic impact projects that showcase the flexibility and scalability of
participation. The company’s growing portfolio generates more its solutions. Key project highlights include the deployment of
than 193 million kWh of clean electricity annually, contributing solar installations for PT Dharma Samudera Fishing Industries,
to a reduction of approximately 172,000 tons of CO₂ emissions supporting energy efficiency in the industrial sector; the
per year. In addition, Xurya’s activities have supported the development of an off-grid solar power plant at Sudamala Resort
creation of more than 2,600 green jobs, reinforcing its positive Seraya in Labuan Bajo, enabling clean and reliable energy in a
environmental and social impact. remote tourism destination; and the implementation of a rooftop
solar system at Primaya Hospital Karawang, reinforcing the role of
renewable energy in critical healthcare infrastructure.
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COMPANY PROFILE
Page 36
Company
Profile
Corporate Data
PT Saratoga Investama Sedaya Tbk.
Company Name Address Telephone
PT Saratoga Investama Sedaya Tbk. Menara Karya 15th Floor +62 21 5794 4355
Jl. H.R. Rasuna Said
Company Name Change Block X-5 Kav. 1-2 Facsimile
South Jakarta 12950
The Company's name has never +62 21 5794 4365
2025 Annual Report
changed
Email Website
Investor.relations@saratoga-investama.com www.saratoga-investama.com
corporate.secretary@saratoga-investama.com
Association Authorized Issued and Ticker
Membership Capital Paid-Up Capital Code
- Indonesian Public 48,833,400,000 13,564,835,000 SRTG
Listed Companies shares shares
Association
- Indonesia Global
Compact Network
(IGCN)
Business Lines According to Articles of Association
As outlined in the latest Company’s Articles of Association regarding the main purposes and objectives of the Company’s
establishment, we aim to carry out the following activities:
1. A holding company where the main activity is ownership and/or control of assets of a group of its subsidiaries; and
2. Management consulting where the main activities (as relevant) are:
a. to provide assistance with advices, guidance and business operation and other organizational and managerial issues,
such as strategic and organizational planning, decisions relating to finance, objectives and marketing policies, human
resource planning, practices and policies, planning scheduling and production controlling; and
b. to provide assistance with advices, guidance and operation of various management functions, managerial consultancy,
agronomists processing and agricultural economy in agriculture sector and the like, design of accounting methods
and procedures, cost accounting programs, budget supervision procedures, giving of advices and assistances to
businesses and community services in planning, organizing, efficiency and supervision management information and
others.
Business Lines in the Current Year
To support the implementation of the aforesaid main business activities, the Company in the current year carries out the
following activities:
1. To provide funding and/or financing as required by companies in which the Company is investing either directly or
indirectly; and
2. To provide funding and/or financing as required by companies in the aforesaid company or a group of companies or in
the framework of investment of other assets in the aforesaid company or a group of companies.
Area of Operations
In accordance with Saratoga’s business characteristics, we are not an operating company. Therefore in this annual report,
we do not provide information about the Company's area of operations.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
Organization Structure
PT Saratoga Investama Sedaya Tbk.
BOARD OF COMMISSIONERS
EDWIN SOERYADJAYA
JOYCE SOERYADJAYA KERR BOARD OF
INDRA CAHYA UNO DIRECTORS
ARIA KANAKA
(Independent)
2025 Annual Report
STEPHANUS HARJANTO T
(Independent)
NOMINATION &
AUDIT INVESTMENT
REMUNERATION
COMMITTEE COMMITTEE
COMMITTEE
EDWIN SOERYADJAYA
ARIA KANAKA ARIA KANAKA
(Supervisor)
(Chairman) (Chairman)
MICHAEL W. P.
BASUKI SETIOGROHO EDWIN SOERYADJAYA
SOERYADJAYA
HANY GUNGORO HANDIANTO GANIS
(Chairman)
LANY DJUWITA WONG
DEVIN WIRAWAN
PRESIDENT
DIRECTOR
MICHAEL W. P.
SOERYADJAYA
FINANCE PORTFOLIO INVESTMENT
DIRECTOR DIRECTOR DIRECTOR
MICHAEL W. P.
LANY DJUWITA WONG DEVIN WIRAWAN
SOERYADJAYA
PORTFOLIO PORTFOLIO INVESTMENT INVESTOR RELATIONS
ADVISOR OPERATION TEAM TEAM DIVISION HEAD
ANDI ESFANDIARI MELLISA TIKA HOLIDI
LEGAL AND CORPORATE
INTERNAL AUDIT HR & GA
SECRETARIAT
UNIT HEAD DIVISION HEAD
DIVISION HEAD
WIRYANTO SANDI RAHAJU HERRY WINOTO
INFORMATION CORPORATE
SYSTEM, ACCOUNTING FINANCE COMMUNICATION RISK MANAGEMENT CORPORATE TAX
& BUDGETING DIVISION HEAD AND SUSTAINABILITY DIVISION HEAD DIVISION HEAD
DIVISION HEAD DIVISION HEAD
HARWIN IDRIS
TINA NURYATI HADI CHRISTIAN CATHARINA LATJUBA OLIVIA MAHARANI
(ACTING)
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Company
Profile
Our Management Team
PT Saratoga Investama Sedaya Tbk.
In the course of 2025, pursuant to Profile of the Board of Commissioners
Shareholders’ Resolution dated 25 June
2025, our shareholders have given consent
to the change in the membership structure
of the Board of Commissioners. We are
pleased to welcome Aria Kanaka and
2025 Annual Report
Stephanus Harjanto T as the Company’s
Independent Commissioners, replacing
Sidharta Utama and Anangga W. Roosdiono.
In the meantime, the members of Board
of Directors as of the implementation of
Annual GMS dated 25 June 2025, remains
unchanged.
The Company ensures that all members
of Board of Directors and Board of
Commissioners, including our newly
appointed Independent Commissioners,
have all stated their strong commitment
to consistently upholding objectivity,
independence and professionalism in
carrying out their duties, including in their
individuals approach to decision making.
The profile of each member of the Board EDWIN SOERYADJAYA
of Commissioners and Board of Directors President Commissioner
is presented below:
An Indonesian citizen, 76 years old Edwin is also well-known as a strong
advocate for education. He co-founded
Edwin Soeryadjaya has been serving as the the William Soeryadjaya Foundation (now
Company’s President Commissioner since William and Lily Foundation) and serves as
22 January 1997 and was reappointed to the Chairman of the Board of Trustees of
serve the same position for 2025-2030 Ora Et Labora Foundation.
period by the Annual GMS on 25 June 2025.
He also serves as the Supervisor of the He holds a Bachelor of Business
Investment Committee of the Company Administration degree from the University
and the member of the Nomination and of Southern California in 1974. In 2010, he
Remuneration Committee of the Company. received the Ernst & Young Entrepreneur
He is also one of the main shareholders of of the Year award in recognition of his
the Company and is affiliated with Michael leadership.
W. P. Soeryadjaya, the President Director
of the Company, and Joyce Soeryadjaya
Kerr, the Commissioner of the Company.
His earlier professional experience includes
a long career at Astra International,
one of Indonesia’s largest diversified
conglomerates founded by his father,
where he began working in 1978. He left
his role as Astra’s Vice President Director
in 1993 to co-found Saratoga. He currently
also serves as the President Commissioner
of PT Alamtri Resources Indonesia Tbk.
(formerly PT Adaro Energy Indonesia
Tbk., focusing on coal & energy sectors),
PT Tower Bersama Infrastructure Tbk.
(telecommunication towers), PT Merdeka
Copper Gold Tbk. (gold, silver, and copper
mining) and PT Mitra Pinasthika Mustika
Tbk. (consumer automotive).
36
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
2025 Annual Report
JOYCE SOERYADJAYA KERR INDRA CAHYA UNO
Commissioner Commissioner
An Indonesian citizen, 75 years old An Indonesian citizen, 58 years old Indra is actively engaged in various social
activities through his roles as Chairman
Joyce Soeryadjaya Kerr has been serving Indra Cahya Uno has been serving as the of Mien R. Uno Foundation (focused
as the Company’s Commissioner as of 31 Company’s Commissioner pursuant to the on youth entrepreneurship education),
August 1999 and was reappointed to the Shareholders’ Resolution dated 14 May founder and Chairman of the Supervisory
same position for the 2025-2030 period 2013 and was reappointed to serve the Board of OK OCE Indonesia (a social
by the Annual GMS on 25 June 2025. She same position for the 2025-2030 period movement promoting entrepreneurship-
is affiliated with Edwin Soeryadjaya, the by the Annual GMS on 25 June 2025. driven income and job creation across
President Commissioner of the Company. He is affiliated with Sandiaga Salahuddin Indonesia, Turkey, and Malaysia) and the
Uno, one of the main shareholders of the initiator of Garuda Cendekia School (an
Since November 1998, she has also been Company, but is unaffiliated with other inclusive middle and high school located in
serving as the Commissioner of PT Unitras members of Board of Commissioners nor Jakarta offering a national curriculum with
Pertama, one of the main shareholders of of the Board of Directors. an active-learning approach).
the Company.
He also holds several prominent positions, Currently, Indra is a lecturer for the
She holds a Bachelor of Science degree including Commissioner of ANTV (PT graduate programs in Institute of
from University of Southern California, Cakrawala Andalas Televisi, one of Technology Bandung (School of Business
majoring in Language, Art and Science, Indonesia’s earliest terrestrial television and Management ITB), University of
with specialization in German. networks) since 2014, Commissioner of Muhammadiyah Jakarta (UMJ), and
Indivara Group (PT Indivara Sejahtera Institute of Pendidikan Indonesia Garut
Mandiri, an enterprise solutions (IPI).
provider operating in Indonesia and the
Philippines) since 2019, and founder of He holds a Doctor of Philosophy degree
PT TPS Consulting Indonesia, a boutique in Strategic Management from University
strategic management consulting firm. of Indonesia, Jakarta, Indonesia; a Master
He once served as a certified trainer at of Business Administration degree from
the Indonesian Institute of Commissioners University of Southern California, Los
and Directors (a division of the National Angeles, USA; a Master of Science degree
Committee on Corporate Governance). in Aerospace Engineering from University
of Michigan, Ann Arbor, USA; and a
Bachelor of Science degree in Aerospace
Engineering from the Wichita State
University, Wichita, USA.
37
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Company
Profile
PT Saratoga Investama Sedaya Tbk.
Profile of the Board of Commissioners
2025 Annual Report
ARIA KANAKA STEPHANUS HARJANTO T
Independent Commissioner Independent Commissioner
An Indonesian citizen, 51 years old An Indonesian citizen, 64 years old
Aria Kanaka has been serving as the Independent Commissioner Stephanus Harjanto T has been serving as the Independent
of the Company pursuant to the Annual GMS Resolution dated Commissioner of the Company for the 2025-2030 period
25 June 2025 for 2025-2030 period. Prior to this role, he served pursuant to the Annual GMS Resolution dated on 25 June 2025.
as a member of the Company’s Audit Committee from June 2019 He is one of the founders of Adnan Kelana Haryanto & Hermanto
to 2024. (AKHH), a leading business law firm in Indonesia established in
2001. He has no affiliation with the other members of the Board
He has no affiliation with the other members of the Board of of Commissioners, the Board of Directors, or the Company’s main
Commissioners or Board of Directors or the Company’s main shareholders.
shareholders.
He began his professional career as a permanent lecturer at the
Currently, he also serves as a Partner at Aria Kanaka & Rekan Faculty of Law, Parahyangan Catholic University from 1985 to
Public Accounting Firm, a member firm of the Forvis Mazars 1998, before being appointed Senior Associate and later Partner
Group SC, and a lecturer at the Faculty of Economics and at Hanafiah Ponggawa Adnan Bangun Kelana law firm from 1999
Business, Universitas Indonesia. He is also as a member of the to 2000. He is a member of several professional organizations,
Audit Committee in several other public companies in Indonesia. including the Indonesian Advocates Association (PERADI), the
International Bar Association (IBA), the International Union for
He earned his Bachelor of Economics and a Master of Accounting the Conservation of Nature Commission on Environmental Law
degrees from University of Indonesia. His professional (IUCN-CEL), the Indonesian Competition Lawyers Association
certifications include Chartered Accountant (CA) from the (ICLA), and the Indonesian Mediation Center (Pusat Mediasi
Indonesian Institute of Accountants (2013), Certified Public Nasional - PMN).
Accountant (CPA) from the Indonesian Institute of Certified
Public Accountants (2017), and a certificate of competence as a Throughout his career, he has received numerous professional
tax consultant from the Indonesian Tax Consultants Association awards, including Leading Lawyer in Dispute Resolution
(2014). from Chambers & Partners and Asialaw, Leading Individual in
Dispute Resolution from Legal 500, Recommended Lawyer
for Dispute Resolution from Who's Who Legal and Global Law
Expert, Insurance Lawyer of the Year – Indonesia 2018 from
Corporate USA Today, and Anti-Trust & Competition Law Firm
of the Year – Indonesia 2017 from Lawyer Monthly Magazine.
He earned his Bachelor of Laws degree from Parahyangan Catholic
University and an LL.M degree from Dalhousie University, Canada.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
Profile of the Board of Directors
2025 Annual Report
MICHAEL W. P. SOERYADJAYA LANY DJUWITA WONG DEVIN WIRAWAN
President Director Finance Director Investment Director
An Indonesian citizen, 40 years old An Indonesian citizen, 56 years old An Indonesian citizen, 46 years old
Michael W.P. Soeryadjaya has been serving Lany Djuwita Wong has been serving as the Devin Wirawan has been serving as the
as the Company’s President Director since Company’s Finance Director since 26 June Company’s Investment Director since 22
10 June 2015 and was reappointed to the 2018 and was reappointed to the same May 2019 and was reappointed to the
same position for the 2025-2030 period position for the 2025-2030 period by the same position for the 2025–2030 period
by the Annual GMS on 25 June 2025. He Annual GMS on 25 June 2025. She also by the Annual GMS on 25 June 2025. He is
also chairs the Company’s Investment serves as a Commissioner of the Indonesia not affiliated with the main shareholders,
Committee. He is affiliated with Edwin Stock Exchange (IDX) as of June 2024 the Commissioners, or the other Directors
Soeryadjaya, the President Commissioner and as a Director of PT Alamtri Resources of the Company.
of the Company and one of the Company’s Indonesia Tbk. as of June 2025. She has no
main shareholders. affiliation with the main shareholders, the Devin began a professional career as
commissioners, or the other directors of a Strategy and Trading Analyst with
Michael is a seasoned professional in the Company. University Capital Strategies Group in
mergers and acquisitions with a strong Saint Paul, USA, before continuing his
reputation in investment strategy. His Prior to joining the Company, she served career in Titan Capital in Singapore. He
extensive expertise has contributed to the as Director and Chief Financial Officer of later rejoined University Capital Strategies
success of several Initial Public Offerings, PT Dharma Satya Nusantara Tbk. (2016- Group in Singapore as a Senior Strategy
including those of the Company, PT Mitra 2018) and PT Medco Energi Internasional and Trading Analyst before joining
Pinasthika Mustika Tbk., and PT Merdeka Tbk. (2013-2015). During her tenure at Saratoga’s investment team in 2009.
Copper Gold Tbk. He has played a pivotal Medco, which began in 2006, she held
role in overseeing investments in PT several key positions, including as Director During his tenure at Saratoga Group,
Mulia Bosco Logistik, PT Zulu Alpha Papa of subsidiaries, Head of Corporate he has held several key roles, including
(ZAP), PT Brawijaya Investama (Brawijaya Finance, and Head of Corporate Planning serving as the Executive Committee of
Healthcare) and PT Foodex Inti Ingredients and Performance. She also worked at PT Medco Power Indonesia (until 2017),
(Foodex). He served as a Director of Arthur Andersen, Astra International and Director of PT Paiton Energy (until 2018),
PT Alamtri Resources Indonesia Tbk. PricewaterhouseCoopers, where she the Executive Committee member of
(2022-2025). served as Manager of Financial Advisory PT Deltomed Laboratories (until January
Services. 2024) and Director of Xurya Pte. Ltd. (until
He currently serves as a Commissioner of May 2025). He currently also serves as
PT Samator Indo Gas Tbk. since July 2022, She earned a Bachelor’s degree in CEO of Brawijaya Healthcare.
PT Merdeka Battery Materials Tbk. since Economics (Accounting) from University
January 2023, and PT Alamtri Minerals of Indonesia (1993), and a Master’s degree He holds bachelor’s degree in Finance and
Indonesia Tbk. since June 2025. in Finance from Texas A&M University, USA Management Information Systems from
(1996). She is also a CFA Charterholder. Curtis L. Carlson School of Management,
Michael holds a Bachelor of Arts degree in University of Minnesota, Twin Cities,
Business Administration from Pepperdine Minnesota, USA (2000).
University, USA.
39
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Company
Profile
Corporate Structure
PT Saratoga Investama Sedaya Tbk.
Due to Saratoga’s active investments, the share percentage the Company owned in each of its portfolios has changed. Below is the
corporate structure as of December 31, 2025:
EDWIN
PUBLIC
SOERYADJAYA
2025 Annual Report
50.00%
PT UNITRAS
SANDIAGA UNO
PERTAMA
10.995% 35.872% 31.623% 21.51%
TECHNOLOGY
ENERGY AND PRECIOUS
INDUSTRIALS AND DIGITAL CONSTRUCTION
RESOURCES METALS
INFRASTRUCTURE
15.15% 19.37% 10% 27.38% 6.02%
AADI MDKA AGII BDIA NRCA
16.52% 9.37%
ADRO TBIG
BDIA OWNS
81.29%
OF TBIG
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
The Company's Effective Shareholdings
both Directly and Indirectly
*) THE COMPANY'S TREASURY STOCK REPRESENTS 0.11% OF THE TOTAL OUTSTANDING SHARES AS OF DECEMBER 31, 2025
AADI PT Adaro Andalan Indonesia Tbk.
ADRO PT Alamtri Resources Indonesia Tbk.
2025 Annual Report
AGII PT Samator Indo Gas Tbk.
BDIA Bersama Digital Infrastructure Asia Pte. Ltd.
BRAWIJAYA Brawijaya Healthcare Group
FOODEX PT Foodex Inti Ingredients
FOREST CARBON Forest Carbon Pte. Ltd.
MBL PT Mulia Bosco Logistik
MDKA PT Merdeka Copper Gold Tbk.
MPMX PT Mitra Pinasthika Mustika Tbk.
NRCA PT Nusa Raya Cipta Tbk.
TBIG PT Tower Bersama Infrastructure Tbk.
XURYA Xurya Daya Indonesia
ZAP PT Zulu Alpha Papa
CONSUMER HEALTHCARE
RENEWABLE AND
PRODUCTS AND LOGISTICS AND CONSUMER
GREEN ECONOMY
SERVICES HEALTH
70% 69.29%*
FOODEX MBL BRAWIJAYA XURYA
57.67%
FOREST
MPMX ZAP
CARBON
*subsequent as of 9 March 2026
41
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Company
Profile
Shareholder Information
PT Saratoga Investama Sedaya Tbk.
Shareholders of 5% or More
As of 1 January 2025 As of 31 December 2025
Ultimate
Main Controlling
Name Beneficial
Shareholder Shareholder Number of Number of Number of
Owner % Number of Shares %
Shareholders Shares Shareholders
5% or above
2025 Annual Report
PT Unitras Pertama √ 1 4,438,610,000 32.721 1 4,289,610,000 31.623
Edwin Soeryadjaya √ √ √ 1 4,857,467,590 35.809 1 4,865,971,990 35.872
Sandiaga Salahuddin
√ 1 2,917,827,145 21.510 1 2,917,827,145 21.510
Uno
Public (single shareholders with less than 5% ownership) 20,524 1,350,930,265 9.96 22,383 1,491,425,865 10.995
Information on Direct and Indirect Shareholding by the Board of Commissioners and Board of Directors
As of 1 January 2025 As of 31 December 2025
Name Designation
Number of Shares % Number of Shares %
Direct Shareholding
Board of Commissioners
Edwin Soeryadjaya President Commissioner 4,857,467,590 35.809 4,865,971,990 35.872
Joyce Soeryadjaya Kerr Commissioner - - - -
Indra Cahya Uno Commissioner - - - -
Aria Kanaka Independent Commissioner - - - -
Stephanus Harjanto T Independent Commissioner - -
Board of Directors
Michael W. P. Soeryadjaya President Director 5,228,500 0.0385 5,410,800 0.0399
Lany Djuwita Wong Director 5,738,600 0.0423 6,334,500 0.0467
Devin Wirawan Director 7,251,400 0.0535 7,937,000 0.0585
Total 4,875,686,090 35.9433 4,885,654,290 36.0171
Indirect Shareholding
Board of Commissioners
Edwin Soeryadjaya President Commissioner 2,242,824,635 16.534 2,242,824,635 16.534
Joyce Soeryadjaya Kerr Commissioner 2,225,210,580 16.404 2,150,710,580 15.855
Indra Cahya Uno Commissioner - - - -
Aria Kanaka Independent Commissioner - - - -
Stephanus Harjanto T Independent Commissioner - -
Board of Directors
Michael W. P. Soeryadjaya President Director - - - -
Lany Djuwita Wong Director - - - -
Devin Wirawan Director - - - -
Total 4,468,035,215 32.938 4,393,535,215 32.389
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
Shareholding by Ownership Status
As of 1 January 2025 As of 31 December 2025
Ownership Status
Number of Number of
Number of Shares % Number of Shares %
Shareholders Shareholders
Domestic Shareholders
Local Individual 20,205 8,236,106,583 60.71660 22,148 8,309,656,250 61.25881
Cooperative 1 2,500 0.00002 - - -
Foundation 3 1,906,900 0.01406 3 2,341,233 0.01726
2025 Annual Report
Pension Fund 25 14,254,800 0.10509 26 17,781,500 0.13109
Insurance 58 165,407,600 1.21939 30 29,437,600 0.21701
Limited Liability Company 81 4,585,717,750 33.80592 72 4,547,196,322 33.52194
Mutual Funds 59 208,199,062 1.53484 32 281,038,154 2.07181
Sub Total 20,432 13,211,595,195 97.39592 22,311 13,187,451,059 97.21792
Foreign Shareholders
Foreign Individual 23 1,226,100 0.00904 23 736,100 0.00543
Foreign Institutions 72 352,013,705 2.59505 52 376,647,841 2.77665
Sub Total 95 353,239,805 2.60409 75 377,383,941 2.78208
Total 20,527 13,564,835,000 100 22,386 13,564,835,000 100
Share Listing Chronology
Nominal Offering Number of Shares after
Corporate Action Listing Date Additional Shares Remarks
Value Price Corporate Action
Initial Public Offering (IPO) 26 June 2013 100 5,500 430,883,000 2,712,967,000 Listed on
Indonesia Stock
Stock Split 19 May 2021 20 - 10,851,868,000 13,564,835,000 Exchange
At the end of the financial year, the stocks were traded at IDR1,580 per share.
Other Securities Listing Chronology
Throughout 2025, Saratoga did not list any other securities on the domestic stock market or abroad. Therefore, the Company did not
present such information in this report.
43
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Company
Profile
Stock Highlights
PT Saratoga Investama Sedaya Tbk.
Stock Price and Trading Volume Movement in 2025
2,400 80,000,000
2,100 70,000,000
2025 Annual Report
1,800 60,000,000
1,500 50,000,000
1,200 40,000,000
900 30,000,000
600 20,000,000
300 10,000,000
0 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Closing share price (IDR) Transaction volume
Quarterly Stock Performance
Period Highest Price Lowest Price Closing Price Average Daily Trading Outstanding Shares Market Capitalization
(IDR) (IDR) (IDR) Volume (billion IDR)
(in thousand shares)
2025
Q1 2,110 1,465 1,605 8,265 13,564,835,000 21,772
Q2 1,880 1,200 1,610 9,758 13,564,835,000 21,839
Q3 2,080 1,550 1,790 12,577 13,564,835,000 23,874
Q4 1,925 1,440 1,580 6,035 13,564,835,000 21,432
2024
Q1 1,700 1,440 1,445 12,957 13,564,835,000 19,601
Q2 1,585 1,235 1,435 13,698 13,564,835,000 19,466
Q3 2,760 1,415 2,560 31,780 13,564,835,000 22,721
Q4 2,780 2,000 2,090 25,851 13,564,835,000 28,351
Trading Suspension or Delisting
In 2025, the Company’s shares were neither suspended nor delisted from the IDX.
44
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
Our Subsidiaries
PT Saratoga Investama Sedaya Tbk.
Name of PT Saratoga PT Nugraha PT Wahana PT Bumi PT Interra Indo
Subsidiary Sentra Business Eka Kencana Anugerah Sejahtera Hijau Asri Resources
(SSB) (NEK) (WAS) (BHA) (IIR)
Corresponding Menara Karya 15th Fl.* Menara Karya 15th Fl.* Menara Karya 15th Fl.* Menara Karya 15th Fl.* Menara Karya 15th Fl.*
Address
2025 Annual Report
Line of Business Investment Investment Investment Investment Investment
Year of Establishment 2005 2003 2005 2007 2004
Year of Investment 2005 2003 2009 2010 2004
Effective Ownership 99.99% 99.99% 99.96% 99.99% 93.73%
Operational Status Active Active Active Active Active
Total Assets 123 2,513 20,327 114 396
(in IDR billion) as of
31 December 2025
Name of PT Wana Bhakti PT Trimitra Karya PT Surya Nuansa PT Lintas Indonesia PT Sarana Investasi
Subsidiary Sukses Mineral Jaya Ceria Sejahtera Bersama
(WBSM) (TKJ) (SNC) (LIS) (SIB)
Corresponding Menara Karya 15th Fl.* Menara Karya 15th Fl.* Menara Karya 15th Fl.* Menara Karya 15th Fl.* Menara Karya 15th Fl.*
Address
Line of Business Investment Investment Investment Investment Investment
Year of Establishment 2007 2012 2015 2018 2015
Year of Investment 2011 2014 2015 2018 2024
Effective Ownership 73.68% 99.00 % 99.99% 99.99% 98.84%
Operational Status Active Active Active Active Active
Total Assets 3 1 165 - 319
(in IDR billion) as of
31 December 2025
* Menara Karya 15th Fl, Jl. H.R. Rasuna Said Block X-5 Kav. 1-2, Kel. Kuningan Timur, Kec. Setiabudi, South Jakarta – 12950
45
Page 48
Company
Profile
Capital Market Supporting Institutions and
PT Saratoga Investama Sedaya Tbk.
Professionals
2025 Annual Report
Public Accounting Firm Share Registrar Notary
KAP Siddharta Widjaja & Rekan PT Datindo Entrycom Diharini, S.H., M.Kn.
(a member of KPMG global network)
Jl. Hayam Wuruk No. 28 Jl. Cilandak Tengah III No. 10
35th Floor Jakarta Mori Tower Jakarta 10210, Indonesia Cilandak, South Jakarta 12430
Jl. Jend. Sudirman Kav. 40-41, Jakarta T. (62-21) 350 8077 (Hunting) T. 0878-0004-0049
10210, Indonesia F. (62-21) 350 8078
T. (62-21) 574 2333 Service:
F. (62-21) 574 1777 Basis of Appointment: To prepare GMS minutes and Notarial
Deed of Share Administration Management Deed including its submission to Ministry
Public Accountant Agreement No. 54 dated 10 April 2013, of Law.
Ratna Wulandari, S.E., CA., CPA made before Humberg Lie, S.H., S.E., M.Kn.,
Notary in Jakarta. Period: 2025
Basis of Appointment:
Circular Resolution in lieu of a meeting Service: Fee: IDR55,500,000
of the Board of Commissioners, dated 4 To provide administration service for
September 2025. secondary market and responsible for
the administration of shareholders list
Service: including changes in the shareholder list
To audit the Company’s financial on behalf of the Company.
statements for the financial year ending
on 31 December 2025. Period: 2025
Period: 2025 Fee: IDR44,400,000
Fee: IDR4,650,000,000
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
Human Capital
PT Saratoga Investama Sedaya Tbk.
In our organization, human capital is valued as a critical asset that shapes
the Company’s competitiveness and value among its stakeholders. To create
2025 Annual Report
greater value, Saratoga accordingly has invested in employees’ skills, well-
being and employability to benefit the organization and its stakeholders in
the long term. This approach involves initiatives to foster a more engaged and
innovative workforce and to establish a vibrant work environment that drives
our people’s creativity and productivity, thus bringing substantial returns to
the Company.
Our Employee Demographic Number of Employees by Organization Level
We have a careful workforce planning which is well aligned with Organization Level 2025 2024
future requirements. The Company is committed to diversity
Director 3 3
and inclusion in its human capital management, providing a fair
opportunity for any professional talents, who are able to fulfill the Manager & Supervisor 39 38
specified job requirements, to join its internal team. Staff & Non-Staff 25 24
Total 67 65
In 2025, our employees grew to 67 (sixty-seven) so as to
accommodate the increasing business activities. The number
increased if compared to 65 (sixty-five) employees we managed Number of Employees by Education
in 2024. We had a relatively balanced figure in the employee
composition with 35 (thirty-five) male and 32 (thirty-two) Education 2025 2024
female staff. The employee demographic in 2025 was presented
Undergraduate or Higher 52 50
in the following charts based on gender, employment status,
organization level, educational background and age: Diploma 5 5
Others 10 10
Number of Employees by Gender
Total 67 65
Gender 2025 2024
Number of Employees by Age
Male 35 31
Female 32 34
Age 2025 2024
Total 67 65
>50 22 20
Number of Employees by Employment Status 30-50 39 39
≤30 6 6
Employment Status 2025 2024 Total 67 65
Permanent 64 62
Contract 3 3
Total 67 65
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Company
Profile
PT Saratoga Investama Sedaya Tbk.
2025 HR Strategies Training Program Initiatives
We pursue to establish a sustainable and accommodative Saratoga harnesses the power of human capital development
organization for our employees. Guided by the Company’s work to create sustainable values with the investees. Therefore,
ethos: "Work Hard, Work Smart, Work Thoroughly and Work we provide the employees with an opportunity to join in any
Wholeheartedly", we have designed our company to be a learning training and upskilling programs to develop their competencies,
organization. Accordingly, our strategies in people development preparing them for a dynamic work environment in many sectors
are designed with respect to diversity, equity and inclusion that Saratoga invests in. Beyond the skill upgrading, the upskilling
principles so as to achieve better outcomes, including increased strategy indeed gives all talents of the Company another
productivity, employee engagement, and robust business opportunity to build their career path in the Company.
2025 Annual Report
performances.
In line with the Company's future development strategies, we
In addition, we give every employee an equal opportunity to have encouraged our managerial staffs to sign up for at least a
succeed in their roles. Throughout 2025, we executed talent training session per year, held in-house or externally, to enhance
development programs and employee self-development, as their skills and sharpen their insights for career advancement.
well as made considerable investments in trainings to improve Then on annual basis, we will conduct a review of the training
people’s competencies and capacity. We used metrics to programs to ensure their effectiveness in driving Saratoga’s
evaluate employee productivity and performance, which also productivity rate as well as to help identify skill gaps among the
helped us identify skill gap among the employees. Those metrics employees.
are constantly reviewed to ensure that our talent development
programs are still relevant with the future business needs.
In 2025, 33 employees participated in various professional development programs, which consisted of trainings, workshops and seminars.
We invested a total of IDR73,884,103 for those talent development activities. The figure increased compared to IDR56,111,672 spent on
the talent development activities in 2024. The report on the talent development activities in 2025 is presented below:
Description Number of Workers who Received Training Training Hours Average Training Hours per Worker
All Employees 33 514.5 15.59
Based on Gender
Male 13 148.5 11.42
Female 20 366 18.30
Based on Employee Position
SEVP – VP 15 132 8.80
Manager & Supervisor 6 80 13.33
Staff & Non-Staff 12 302.5 25.21
Building a High-Quality Talent Management Then, Saratoga also provides attractive remuneration package as
part of the employee retention initiative. The package extends
Beyond the people development programs, the Company has beyond a salary, opportunities such as flexible work schedule,
optimized a talent pool development to address the needs for professional development activities, and career advancement.
high-quality talents. In the highly competitive labor market, Our competitive pay approach also includes significant upside
Saratoga needs to be selective in identifying the potential adjustments to the remuneration and reward policies, including
candidates for future positions. In talent acquisition, we increasing the fringe benefits provided to level-5 personnel and
consistently focus on candidates who demonstrate adaptability granting a car-ownership program at highly subsidized purchase
and a growth mindset as well as are willing to develop their full price.
potentials to advance the Company. We also focus on objective
hiring and remove the identifying information associated with
demographic characteristics, such as gender, ethnicity, religion,
political views or physical condition. In addition to respecting
human rights principles, we are committed to avoiding child labor
and forced labor practices.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
2025 Annual Report
We find such initiatives impactful on our business outcomes Nurturing and Fostering the Implementation of
as reflected on the results of our annual survey on employee Corporate Cultures
satisfaction. The respondents were satisfied with Saratoga’s
remuneration policy, which was considered at par with the The Company’s success is built upon a long-list of milestone
remuneration provided by the leading corporations in Indonesia, achievements which we believe as a result of the internalization
and well above the median range of wages paid by Indonesian of our corporate cultures among the employees. As we seek
corporates. efforts to build a sustainable organization, we encourage our
leaders to be the role models that demonstrate the expected
Employee Performance Evaluation cultures through their behaviors and actions.
Saratoga conducts an annual employee performance and skills Saratoga also allows the investee companies management teams
evaluation to support the employee development and company to design their own corporate cultures that represent the mission
success. The employee performance and skills evaluation is statement or vision statement that is well aligned with their
becoming important because the results provide structured respective business goals. We believe an effective corporate
feedback, help us identify the skill gap and the training needs, cultures, supported with the establishment of positive values,
align individual goals with company objectives, and support fair clear strategies, and employee-centric practices, to be able to
compensation and promotion decisions. foster vibrant, innovative, and productive work environment.
When implemented correctly, this culture builds stakeholders'
In addition, by identifying areas for improvement and setting accountability for Saratoga and its investee companies, ensuring
clear goals, the performance evaluation helps the Company in they operate with transparency, strong governance, and a
designing effective initiatives for productivity increase, higher commitment to ESG principles.
employee engagement, and reduced turnover.
In 2025, we have launched an evaluation of the employee
performance, including our staffs and managers, and provided
feedbacks, helping them understand their strengths and
weaknesses for their capacity improvement. We also discuss
with the employees regarding their long-term career aspirations
and help them set goals to achieve them, in which we will also
suggest formal coaching by the supervisors.
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Company
Profile
50
PT Saratoga Investama Sedaya Tbk. 2025 Annual Report
Page 53
MANAGEMENT DISCUSSION AND ANALYSIS
Page 54
Management Discussion
and Analysis
PT Saratoga Investama Sedaya Tbk.
This discussion and analysis presents an overview of the Company’s financial condition and performance for the reporting year and
should be read in conjunction with the audited consolidated financial statements and the related notes included in this Annual Report.
Review of Operations
Saratoga’s income is principally derived from dividend receipts, realized gains on investment disposals, and changes in the fair value of
2025 Annual Report
investments.
Description (in IDR billion) 2025 2024 Increase (decrease) %
Net gain on investment in shares and other securities 4,140 1,478 180%
Dividend and interest income 2,867 3,849 (26%)
Other income 11 15 (27%)
Changes in fair value of investment properties 1 - 100%
Operating expenses (233) (232) 0.4%
Other expenses (11) (10) 10%
Net loss on exchange rate differences (1) (32) (97%)
Interest expenses (165) (153) 8%
Profit before tax 6,609 4,915 34%
Income tax benefit (expense)
Current (36) (9) 300%
Deferred 749 (1,615) (146%)
713 (1,624) (144%)
Profit for the year 7,322 3,291 122%
Total other comprehensive income 15 27 (44%)
Total comprehensive income for the year 7,337 3,318 121%
Profit for the year attributable to
Owners of the Company 7,319 3,290 122%
Non-controlling interests 3 1 200%
7,322 3,291 122%
Total comprehensive income for the year attributable to:
Owners of the Company 7,334 3,317 121%
Non-controlling interests 3 1 200%
7,337 3,318 121%
The Company’s Profit or Loss is driven by two key components:
Net Gain on Investment in Shares and Other Securities
In 2025, Saratoga recorded a net gain IDR4,140 billion from investments in shares and other securities, a significant improvement compared
to 2024, when the Company recorded a gain of IDR1,478 billion. This turnaround was primarily attributable to the increase in the share price
of PT Tower Bersama Infrastructure Tbk. and PT Merdeka Copper Gold Tbk.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
The year-on-year (YoY) comparison is presented as follows:
Fair Value Adjustment
Increase (decrease) %
Investee Companies (in IDR billion) 2025 2024
Amount %
PT Tower Bersama Infrastructure Tbk. **) 3,399 (555) 3,954 712%
PT Merdeka Copper Gold Tbk. 3,284 (5,068) 8,352 165%
PT Alamtri Resources Indonesia Tbk. *) (4,600) 8,020 (12,620) (157%)
2025 Annual Report
PT Mitra Pinasthika Mustika Tbk. (51) (164) 113 69%
PT Merdeka Gold Resources Tbk. (previously PT Pani Bersama 1,031 - 1,031 100%
Jaya)
PT Provident Investasi Bersama Tbk. - (389) 389 100%
Others 1,077 (366) 1,443 394%
TOTAL 4,140 1,478 2,662 180%
*) include investment in PT Adaro Andalan Indonesia Tbk.
**) include investment in Bersama Digital Infrastructure Asia Pte. Ltd.
Dividend and Interest Income dividend income of IDR2,705 billion, a decrease from
IDR3,786 billion in 2024. Dividend income continued to be
Dividend contributed by key portfolio companies, including PT Alamtri
Resources Indonesia Tbk. (ADRO), PT Adaro Andalan Indonesia
Saratoga focuses its investments on companies with strong Tbk. (AADI), PT Mitra Pinasthika Mustika Tbk. (MPMX),
and sustainable cash flows, which underpin a consistent PT Tower Bersama Infrastructure Tbk. (TBIG). A detailed
dividend income stream. In 2025, the Company recorded breakdown of Saratoga’s dividend income is set out below:
Dividend Income Breakdown
Increase (decrease) %
Investee Companies (in IDR billion) 2025 2024
Amount %
PT Alamtri Resources Indonesia Tbk. 1,515 3,121 (1,606) (51%)
PT Adaro Andalan Indonesia Tbk. 634 - 634 100%
PT Mitra Pinasthika Mustika Tbk. 304 291 13 4%
PT Tower Bersama Infrastructure Tbk. 225 363 (138) (38%)
Others 27 11 16 145%
TOTAL 2,705 3,786 (1,081) (29%)
Operating Expenses Other Comprehensive Income
Saratoga’s commitment to prudent and disciplined cost There is no significant transaction to disclose in this section.
management remains a key enabler of operational efficiency
and sustainable performance. Operating expenses remained Total Comprehensive Income
stable at IDR233 billion in 2025, compared with IDR232 billion in
2024, primarily due to employee salaries and other compensation There is no significant transaction to disclose in this section.
reflecting the Company’s ongoing focus on cost discipline while
supporting strategic initiatives and long-term value creation.
Net Profit for the Year
Profit for the year attributable to owners of the Company was
IDR7,319 billion in 2025, compared with IDR3,290 billion in 2024,
primarily due to the increase in net gain on investments in shares
and other securities.
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Management Discussion
and Analysis
PT Saratoga Investama Sedaya Tbk.
Net Asset Valuation as of 31 December 2025 and 2024
31 December 2025* 31 December 2024*
(IDR full amount)
(IDR full amount)
Market Price
Investment
(IDR billion)
(IDR billion)
(IDR billion)
Share price
Share price
Ownership
Ownership
Currency
Valuation
Valuation
Effective
Effective
Change
Change
(%)
Investment in Blue Chip Companies
2025 Annual Report
PT Tower Bersama Infrastructure Tbk. IDR 31.6% 2,680 18,663 31.6% 2,100 15,936 2,727 17%
PT Merdeka Copper Gold Tbk. IDR 19.4% 2,280 10,806 19.4% 1,615 7,668 3,138 41%
PT Alamtri Resources Indonesia Tbk. IDR 16.5% 1,810 8,789 15.8% 2,430 11,800 (3,011) (26%)
PT Adaro Andalan Indonesia Tbk. IDR 15.2% 6,975 8,226 14.2% 8,475 9,375 (1,149) (12%)
Others IDR 1,546 220 1,326 603%
Investment in Growth Focused Companies
PT Mitra Pinasthika Mustika Tbk. IDR 57.7% 965 2,442 56.7% 985 2,492 (50) (2%)
PT Samator Indo Gas Tbk. IDR 10% 1,515 465 10% 1,400 429 36 8%
PT Nusa Raya Cipta Tbk. IDR 6.0% 1,525 229 7% 352 61 168 275%
Others 6,298 4,330 1,968 45%
Investment in Digital Technology Entities
Fund investments and others 716 934 (218) (23%)
Others
Investment in other shares and other 2,588 2,410 178 7%
securities
Sum of investee companies 60,768 55,655 5,113 9%
-Debt 1,451 3,204 (1,753) (55%)
+Cash 967 1,534 (567) (37%)
Net Asset Value 60,284 53,985 6,299 12%
Net Asset Value Per Share (IDR) 4,444 3,980 464 12%
* Effective ownership percentages are stated as of 31 December 2025 and 31 December 2024, respectively, and should be read together with the
Company’s audited consolidated financial statements and underlying investee ownership structure.
BI MID RATE As of 31 December 2025 As of 31 December 2024
USD IDR 16,782 16,162
AUD IDR 11,255 10,082
SGD IDR 13,068 11,919
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
Consolidated Statements of Financial Position
Consolidated Assets (IDR billion)
Description 2025 2024 Increase (decrease) %
Cash and cash equivalents 966 1,533 (37%)
Restricted cash 1 1 -
Receivables, net 732 601 22%
Prepaid taxes 6 5 20%
2025 Annual Report
Investment in shares 56,742 51,912 9%
Investment in other securities 3,916 3,634 8%
Investment properties 110 109 1%
Other assets 38 47 (19%)
Total assets 62,511 57,842 8%
Investment in Shares (IDR billion)
Description 2025 2024 Increase (decrease) %
Listed Companies
PT Tower Bersama Infrastructure Tbk.(*) 18,663 15,936 17%
PT Merdeka Copper Gold Tbk. 10,806 7,668 41%
PT Alamtri Resources Indonesia Tbk. (**) 8,789 11,800 (26%)
PT Adaro Andalan Indonesia Tbk. (**) 8,226 9,375 (12%)
PT Mitra Pinasthika Mustika Tbk. 2,442 2,492 (2%)
PT Samator Indo Gas Tbk. 465 429 8%
PT Nusa Raya Cipta Tbk. 229 61 275%
Other listed entities 1,980 504 293%
Non-listed entities 5,142 3,647 41%
Total 56,742 51,912 9%
* include indirect ownership through Bersama Digital Infrastructure Asia Pte. Ltd.
** include indirect ownership through PT Adaro Strategic Capital and PT Adaro Strategic Lestari.
Cash and Cash Equivalents & Restricted Cash stage and growth-phase companies, certain investment-related
receivables may have repayment terms extending beyond one
The Company’s consolidated cash and cash equivalents comprise year.
cash on hand and cash held with third-party banks, denominated
in Indonesian Rupiah (IDR), United States Dollar (USD) and As of 31 December 2025, the Company recorded receivables
Singapore Dollar (SGD). These balances represent cash holdings of IDR732 billion, largely driven by dividend receivables from
of Saratoga and its subsidiaries and are primarily maintained to PT Alamtri Resources Indonesia Tbk. Management continues
support operational requirements, investment activities, and to monitor the collectability of receivables closely to mitigate
liquidity management. credit risk and ensure alignment with the Company’s investment
strategy.
As of 31 December 2025, Saratoga recorded cash and cash
equivalents of IDR966 billion, a decrease compared with IDR1,533 Investments in Shares and Other Equity Securities
billion at the end of 2024. The decrease was mainly attributable
to new and follow-on of investments and repayment of bank As of 31 December 2025, Saratoga recorded total investments in
loans. The cash position reflects the Company’s prudent liquidity shares and other securities amounting to IDR60,658 billion. The
management and its capacity to fund investments and meet increase in the value of these investments was mainly driven by
short-term obligations. the increase in the share price of PT Tower Bersama Infrastructure
Tbk. and PT Merdeka Copper Gold Tbk. during the year, as well
Receivables as the recognition of several new investments undertaken in line
with the Company’s long-term portfolio strategy.
Saratoga’s receivables consist primarily of amounts due from
investee companies, business partners, and dividend receivables. The overall investment performance was influenced by changes
Investment-related receivables may bear interest and, where in market prices, portfolio composition, and the Company’s
deemed strategically appropriate, may be converted into equity investment activity during the year.
stakes in investee companies. Given Saratoga’s exposure to early-
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Management Discussion
and Analysis
PT Saratoga Investama Sedaya Tbk.
Consolidated Liabilities (IDR billion)
Description 2025 2024 Increase (decrease) %
Other payables 26 6 333%
Income tax payables 16 6 167%
Other tax payables 1 1 -
Unearned revenue 4 3 33%
Borrowings 1,450 3,214 (55%)
Deferred tax liabilities, net 2,054 2,803 (27%)
2025 Annual Report
Employee benefits liabilities 41 36 14%
Total Liabilities 3,592 6,069 (41%)
At end of the financial year, Saratoga booked consolidated Total Equity
liabilities of IDR3,592 billion compared with IDR6,069 billion in Saratoga’s equity amounted to IDR58,891 billion as at the end of
2024. The decrease was primarily attributable to the repayment 2025, representing an increase from IDR51,746 billion in 2024.
of loan. The increase was primarily driven by net gain on investment in
shares and other equity securities.
Consolidated Equity (IDR billion)
Description 2025 2024 Increase (decrease) %
Share capital at par value IDR20 (whole IDR) per share, authorized capital 271 271 -
48,833,400,000 shares, issued and fully-paid capital 13,564,835,000
shares
Additional paid-in capital 5,185 5,185 -
Treasury stocks (10) (13) 23%
Accumulated share-based payments 36 36 -
Difference in translation of financial statements in foreign currency 65 50 30%
Other equity components 140 133 5%
Retained earnings 53,204 46,084 15%
Equity attributable to owners of the Company 58,891 51,746 14%
Consolidated Statements of Cash Flow Cash Flow from Investing Activities
Cash Flow from Operating Activities In the course of 2025, net cash used in investing activities
amounted to IDR10 billion in 2025, compared with IDR18 billion
Saratoga’s cash flows from operating activities are primarily in 2024.
derived from dividend receipts and proceeds from divestment
activities, which are subsequently reinvested into shares and Cash Flow from Financing Activities
other securities in line with the Company’s portfolio strategy.
At the end of 2025, the Company recorded net cash flow used
In 2025, the Company recorded dividend receipts of IDR2,510 billion in financing activities amounted to IDR1,956 billion which due to
on a cash flow basis, representing a decrease of approximately repayment of bank loans, while in 2024, the Company recorded
41% compared to IDR4,248 billion in 2024. This dividend receipts net cash provided by financing activities amounted to IDR1,887
reflected cash distributions from core portfolio companies. In billion. Saratoga’s management continues to maintain a prudent
addition, Saratoga received total proceeds of IDR1,792 billion from approach to leverage, ensuring that financing activities remain
the sale of investments in shares and other securities, compared to aligned with the Company’s risk appetite and long-term capital
IDR712 billion in the previous year. management strategy.
During the year, the Company deployed IDR2,765 billion in cash
for new and follow-on investments, a decrease compared to
IDR5,772 billion deployed in 2024. As a result, net cash provided
by operating activities amounted to IDR1,384 billion in 2025
compared with net cash used in operating activities amounted to
IDR1,031 billion in 2024
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
Collectability of the Receivables
PT Saratoga Investama Sedaya Tbk.
Saratoga may receive receivables from third parties in the circumstances where an investee company has achieved sufficient financial
strength and cash flows to become self-funded in its operations. This approach allows the Company to optimize capital allocation,
improve cash flow visibility, and manage investment exposure while supporting the long-term sustainability of its investee companies.
Ability to Service Debt
2025 Annual Report
Saratoga continues to implement a prudent and disciplined capital 1. Dividend Income
and debt management strategy aimed at optimizing its balance Saratoga booked a dividend income of IDR2,705 billion,
sheet structure, maintaining adequate liquidity, and enhancing its a decrease compared to IDR3,786 billion in 2024. Further
debt servicing and repayment capacity. As of 31 December 2025, details on the dividend income statement are presented in
the Company’s total borrowings declined to IDR1,450 billion, the Revenue section.
compared with IDR3,214 billion as of 31 December 2024, primarily
due to the repayment of bank loans. 2. Divestments
Saratoga generates immediate cash flow from divestment
In managing its debt obligations, Saratoga relies on multiple and activities of the investment holdings and uses it to repay
diversified sources of cash flows, which provide flexibility and some of its borrowings.
resilience in meeting its short- and long-term commitments,
including: 3. Interest Income
The Company generates interest income from available
liquidity deposited in banks. As of 31 December 2025,
Saratoga recorded IDR162 billion in interest income compared
to IDR63 billion at end of 2024.
Capital Structure and Management Policies
Concerning Capital Structure
To support its investment activities, Saratoga has consistently implemented a prudent and disciplined capital and debt management
strategy aimed at optimizing investment capacity while maintaining a conservative balance sheet and manageable interest expenses. As
of 31 December 2025, the Company’s loan-to-value (LTV) ratio declined to 0.8% compared to 3.0% in 2024.
The decrease in the LTV ratio was primarily driven by a reduction in borrowings, as follows:
Net Debt/Sum of Investee Company Value 31 December 2025 (in IDR billion)
LTV = 0.8% (Loan to Value)
Net Debt IDR484 billion
Sum of investee company value IDR60,768 billion
Loan maturity profile as of 31 December 2025 (in IDR billion)
2026 IDR251 billion
2027 IDR56 billion
2028 IDR381 billion
2029 IDR763 billion
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Management Discussion
and Analysis
Realization of Capital Goods Investment
PT Saratoga Investama Sedaya Tbk.
The Company did not record any material capital goods investments incurred in 2025.
Subsequent Events
Up to the date of the audited consolidated financial statements, there were no material subsequent events requiring disclosure, other
2025 Annual Report
than those disclosed in the financial statements, if any.
Business Prospects
Saratoga’s investment strategy is anchored in thorough analysis, supported by domestic demand and improving purchasing power.
prudent execution, and adaptability to evolving economic, Meanwhile, renewable energy remains a compelling investment
industry, and regulatory developments. These principles guide theme, driven by energy transition targets, policy incentives, and
each investment decision and enable Saratoga to actively growing corporate commitments to sustainability.
manage risks while capturing emerging opportunities in a
dynamic operating environment.
While global and domestic challenges, such as inflationary
Entering 2026, Saratoga will continue to pursue strong long-term pressures, exchange rate volatility, and regulatory adjustments,
growth potential across its priority sectors, including healthcare, persist, Saratoga remains committed to maintaining disciplined
digital infrastructure, consumer, and renewable energy. Demand portfolio management and a conservative balance sheet. By
for healthcare services is expected to remain robust, supported prioritizing high-quality investments with strong fundamentals,
by demographic trends and rising awareness of high-quality resilient cash flows, and long-term scalability, the Company
healthcare services. Digital infrastructure continues to expand is well positioned to deliver sustainable value creation for its
in line with increasing data consumption and connectivity shareholders in the coming year.
needs, while the consumer sector has demonstrated resilience
Comparison between Target/Projection at the
Beginning of the Year and Actual Results of
Operations
Given the Company’s nature as an active investment holding performance and cash distribution policies of each portfolio
company, Saratoga does not generate revenue or net profit company. While the investment outcomes are not targeted on
from the sale of products or services. Accordingly, the Company a quantitative basis, Saratoga maintains a clearly defined annual
does not establish specific quantitative targets for investment operating expense target as a key measure of management
deployment, realized investment gains or losses, or net profit. discipline. For 2025, the Company set an operating expense
This approach is adopted in view of the inherently dynamic nature target of IDR267 billion. Actual operating expenses amounted
of investment activities, where the availability of investment to IDR233 billion, representing 13% below target. This outcome
opportunities and fluctuations in investment values are reflects the Company’s continued focus on cost efficiency and
significantly influenced by market conditions, portfolio company disciplined expenditure management.
performance, macroeconomic developments, and other external
factors beyond the Company’s direct control. In addition, the ratio of operating expenses to net asset value
(NAV) improved to 0.39% in 2025, compared with 0.43% in
The Company’s primary sources of returns include dividend 2024, demonstrating Saratoga’s ability to manage its cost base
receipts from portfolio companies, realized gains from effectively while supporting investment activities and portfolio
divestments, and changes in the fair value of investments. The oversight.
level of dividends received is contingent upon the financial
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
Target for 2026
PT Saratoga Investama Sedaya Tbk.
As noted above, the Company sets formal annual targets only for operating expenses.
Material Commitments for Capital Goods
Investment
2025 Annual Report
The Company did not incur any material capital goods investments in 2025; capital expenditure during the year mainly related to routine
purchases of software applications and office equipment.
Marketing Aspects of the Company’s Products
and Services
Our role as an investment holding company does not require us to conduct marketing activities for the promotion of products or services,
as such activities are carried out by our respective investee companies. Accordingly, the Company does not formulate or implement
marketing plans at the holding company level.
During 2025, Saratoga remained focused on providing strategic direction, oversight, and support to the management teams of its
investee companies. This included ensuring that business strategies and execution plans were developed and implemented in a
disciplined and measured manner, aimed at strengthening operational performance, enhancing governance, and creating sustainable
value for all stakeholders.
Dividend and Dividend Policy
Dividend Policy
considerations are intended to ensure that dividend distributions
Saratoga has established a dividend policy in accordance with do not adversely affect the Company financial stability or long-
applicable Indonesian laws and regulations, including the Law No. term growth prospects.
40 of 2007 on Limited Liability Company (as amended from time
to time) (Company Law) and relevant capital market regulations. As stipulated in the Company Articles of Association, Saratoga
The decision to distribute dividends is subject to approval by may also distribute interim dividends during the financial year,
shareholders at the Annual GMS, based on the recommendation subject to the availability of sufficient cash and provided that
of the BoD and after obtaining endorsement from the BoC, where such distribution does not result in the Company’s net assets
required. falling below the total issued and paid-up capital plus mandatory
reserves, as required under Company Law. Any interim dividend
In accordance with the Company’s internal policies, dividends distribution shall be carried out with a prudent approach and in
may only be distributed if the Company records sufficient profits full compliance with prevailing regulations. In 2025, the majority
and/or has positive retained earnings, taking into consideration of Saratoga's capital expenditures focused on purchasing
the Company’s financial condition, liquidity position, capital applications and office equipment.
adequacy, and future investment requirements. These
Remarks 2025 2024
Total Cash Dividend IDR199,860,035,275 IDR297,802,912,000
Dividend per Share IDR14.75 IDR22
Dividend Announcement Date 30 June 2025 17 May 2024
Dividend Payment Date 23 July 2025 14 June 2024
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Management Discussion
and Analysis
Realization of the Use of Proceeds
PT Saratoga Investama Sedaya Tbk.
Saratoga confirmed that there was no remaining balance of Also in the financial year, the Company did not conduct any public
proceeds from its Initial Public Offering (IPO) as of 31 December offering, including public offerings of equity or debt securities.
2025. All IPO proceeds had been fully and appropriately utilized Accordingly, there was no disclosure required with respect to the
in accordance with the allocation and commitments stated in use of proceeds from public offerings during the reporting year.
the IPO Prospectus, and their use was implemented in line with
the Company’s approved investment and capital management
objectives.
2025 Annual Report
Material Information on Investment, Expansion,
Divestment, Business Merger/Consolidation,
Acquisition, Capital/Debt Restructuring, Material
Transactions, Transactions with Affiliated Parties,
and Transactions Containing Conflict of Interests
Saratoga is committed to full compliance with prevailing laws with affiliated parties. All affiliated transactions are conducted in
and regulations governing material and extraordinary corporate accordance with the Financial Services Authority (Otoritas Jasa
actions, including mergers, acquisitions, divestments, and the Keuangan - "OJK") Regulation No. 42/POJK.04/2020 concerning
sale or purchase of substantial portions of the Company’s assets. Affiliated Transactions and Transactions Containing Conflicts of
In ensuring that such transactions are carried out according to Interest (OJK Regulation No. 42) . In this regard, Saratoga ensures
prudence principles and in the best interests of the Company that affiliated transactions are carried out based on generally
and its shareholders, Saratoga has established an Investment accepted business practices and in compliance with the arm’s-
Committee. The Investment Committee is mandated to conduct length principle, to safeguard the interests of non-affiliated
independent and comprehensive evaluations of proposed shareholders.
investment and divestment transactions and to provide professional
recommendations to the BoD prior to decision-making. In relation to affiliated party transactions conducted by the
Company during 2025, and where required under. OJK Regulation
In addition, the Company is committed to upholding transparency No. 42, the Company made the relevant information disclosures
and sound corporate governance in the execution of transactions and/or reports to OJK.
Changes in Regulations with Significant Impact
on the Company
The Company did not identify any regulatory changes in 2025 that had a significant impact on its overall performance.
Changes in Financial Accounting Standards with
Impacts for the Company
The Company did not identify any changes in financial accounting standards that became effective in 2025 and had a significant impact
on its financial reporting.
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CORPORATE GOVERNANCE
Page 64
Corporate
Governance
Corporate Governance
PT Saratoga Investama Sedaya Tbk.
As an active investment company, our strategies are guided Our consistency to an effective GCG implementation is
by Good Corporate Governance (GCG) principles that apply realized through a series of initiatives aimed at internalizing the
universally, including Transparency, Accountability, Ethical governance principles and best practices within the Company,
Behavior and Sustainability, to ensure our regulatory compliance they are:
and enhance long-term performance. We remain strongly a. The establishment of corporate policies that apply to our
committed to implementing the GCG principles to maintain management members as well as all ranks and file;
2025 Annual Report
the long-term prospect of the business and generate impactful b. The formulation of a set of formal rules and clear mechanisms
benefits for both internal and external stakeholders of the to guide all corporate activities;
Company. Incorporating healthy governance practices into c. The continuous effort to enhance management accountability
our investment strategies also represents our commitment to to shareholders;
a responsible investment practice, building accountability for d. The establishment of clear communications between the
Saratoga and its investees. Company and all stakeholders; and
e. The continuous effort to ensure regulatory compliance,
including and primarily pertaining to the rules and guidelines
of the OJK in Indonesia and the IDX.
Assessment of Corporate Governance
Implementation
In our organization, governance becomes a fundamental role in for building compliance and improving the legal, regulatory
the Company’s success and sustainability as its implementation and institutional framework for Corporate Governance. To seek
enhances confidence and business outcomes. Therefore, to greater assurance, we also engaged the Indonesian Institute for
establish a healthy and sustainable organization, we consistently Corporate Directorship (IICD) as a third party to help us validate
measure the adequacy of the Good Governance practices as well and identify areas of improvement for an effective governance
as the governance body’s performance through regular reviews practice in the future years.
and self-assessments.
Results
The scope of assessment includes the evaluation of the
Company’s adherence with ethics and transparency as well as In 2025, we engaged IICD in the assessment of governance
its compliance with national and international best practices. The practices based on the reports and information on the corporate
assessment results will suggest the areas of improvements and website which are made publicly available. We achieved an overall
the strategic directions required to establish a sound corporate score of 87.91 in the assessment, with the highest score in the
governance framework. aspect of responsibilities of Board of Directors and Board of
Commissioners. By achieving the score, Saratoga’s compliance
Criteria level is qualified “Good” or at Level 3 (80-89.99), suggesting
that the implementation of corporate governance within the
In conducting the self-assessment of the governance principles, Company has adopted some of ACGS’ international standards.
Saratoga adopts ASEAN Corporate Governance Scorecard
(ACGS) criteria with: (A) Rights and Equitable Treatment of Meanwhile, Saratoga’s score also went above the median score
Shareholders; (B) Sustainability and Resilience; (C) Disclosure of Big Cap companies (100 companies with the largest market
and Transparency; (D) Responsibilities of the Board. The capitalization in the stock exchange), i.e. 82.94, confirming
assessment criteria are well aligned with OECD’s GCG principles another successful year for Saratoga in maintaining such
which serve as guidance in evaluating the strategic initiatives achievement.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
Roles of Organs of the Governance Structure
PT Saratoga Investama Sedaya Tbk.
and Accountability
As outlined in the Company’s Articles of Association, Saratoga Beyond the independence principle in the duty implementation,
has adopted two-tier board system, consisting of Board of both BoD and BoC are held accountable to GMS. GMS serves
Directors (BoD) to serve the management function which is the role of an organ that manages the corporate ownership,
accountable for executive duties and day-to-day operations thus BoD and BoC shall propose for shareholders’ approval for
2025 Annual Report
of the Company while the Board of Commissioners (BoC) any strategic decisions regarding the Company’s investment and
serves the advisory and supervisory function against the BoD’s divestment plans, the nomination and election of BoD and BoC
management performance. In our governance structure, we do members, distribution of final dividends, as well as remuneration
not assign a different person to serve the role of Chairman of of BoD and BoC. However, with due respect for GMS to execute
the Board or CEO to manage the executive duties and oversee the rights according to the Company’s Articles of Association,
the strategy implementation. However, Saratoga ensures that and the prevailing laws and regulations, GMS secures no rights
each organ serves their respective roles in accordance with the to intervene in the exercise of the duty, function and authority of
Company’s Articles of Association, the prevailing regulations the BoC and/or the BoD.
and respects independency and integrity to create a sustainable
value and maintain long-term prospect of the Company. In the meantime, GMS will facilitate the Company’s shareholders
to exercise some of their rights, including the rights to participate
In the meantime, our BoC is supported by Audit Committee and vote to the proposed corporate agenda by the Company's
and Nomination and Remuneration Committee in ensuring a management, to obtain dividend, to vote for new board candidates,
strong oversight function. Meanwhile, our BoD has established and to obtain access to the corporate information in timely and
an Investment Committee that provides professional insights equitable manner through any channels of communication and
and independent recommendations to any proposed investment the disclosure of material information. Saratoga is committed to
and divestment plans of the Company. To improve their act in the Company’s best interests, ensuring a fair treatment to
performances as well as enhance compliance and transparency, all stakeholders, including the minority shareholders.
those committees will receive performance evaluation at the end
of the financial year with key criteria being assessed including
their integrity, capacity, and commitment to address the growing
scope and complexity of Saratoga’s business.
GENERAL MEETING
OF SHAREHOLDERS
BOARD OF COMMISSIONERS PRESIDENT
BOARD OF DIRECTORS DIRECTOR
NOMINATION & FINANCE PORTFOLIO INVESTMENT
AUDIT INVESTMENT
REMUNERATION DIRECTOR DIRECTOR DIRECTOR
COMMITTEE COMMITTEE
COMMITTEE
LEGAL AND
CORPORATE HR & GA INTERNAL
SECRETARIAT DIVISION AUDIT UNIT
DIVISION
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Corporate
Governance
Shareholders’ Rights
PT Saratoga Investama Sedaya Tbk.
Saratoga is committed to diversity and inclusion throughout Prior to GMS implementation, the Company will announce
its operations to establish a sustainable corporate value. The the rules and procedures for general and/or extraordinary
Company has established a communication policy or a forum to meetings of shareholders for them to adhere to. This
facilitate the shareholders’ participation in a constructive dialogue announcement upholds the values of openness and sound
with our management members. In this forum, the Company will corporate governance by guaranteeing that shareholders are
provide the shareholders, including the minority shareholders, an fully informed and ready to engage;
2025 Annual Report
opportunity to exercise some of their rights as the followings: c. Obtaining some portion of the profits distributed as cash
dividend.
a. Obtaining material information and updates relevant to the
Company at accurate time and on regular basis; Beyond GMS, our shareholders will participate in an investor
b. Participating and voting in GMS where they may agree presentation which is held on periodical basis, where we provide
or disagree with the proposed agenda, including to give them with the latest updates of the Company’s performance and
consent to: hold discussion over business plans and strategies, including
• Nomination and election of Board members; green initiatives taken by our investee companies.
• Remuneration or any increases in remuneration for our
Directors and Commissioners and/or key executives;
General Meeting of Shareholders
(GMS)
The Company conducts two types of GMS, i.e. Annual GMS which which arrange every step for preparing an effective GMS. The
is held 6 (six) months at the latest since the end of the financial followings are the GMS mechanisms:
year and Extraordinary GMS which is held at any time, whenever
necessary, upon the request of our Directors or Commissioners 1. The Company provides 21 days’ notice for all Annual GMS and
or the shareholders to pass resolutions on certain significant Extraordinary GMS and discloses the meeting agenda.
corporate agenda. 2. The Company provides rationale and explanation for each
meeting.
As outlined in the Company’s Articles of Association and 3. Any parties who are not the shareholders of the Company
prevailing laws and regulations, the Annual GMS encourages the and attend the meeting upon invitation from the Company
participation of the Company’s shareholders to give approval and/or the BoD do not have rights to give opinion and to vote
to certain agenda pertaining to the Company’s business and as well as to raise questions. Shareholders who cannot attend
operations. The annual agenda include the presentation of the the meeting can fill in and download the proxy document on
Company’s Financial Statements and Annual Report, the full the Company’s website.
acquittal and discharge to all Board members, the appointment 4. The meeting quorum requires attendance of more than half
and/or the dismissal of the Commissioners and Directors, the of the aggregate number of shares with valid voting rights
payment of dividends and distribution of profits, the amount of issued by the Company.
the remuneration and benefits for BoD and the BoC members, 5. The resolutions are made by way of deliberation to reach a
the appointment of the independent auditor, and the delegation consensus. If deliberation to reach consensus is not reached,
of authority to the Boards to follow up matters discussed and the results of resolutions will be made by voting.
agreed at the Annual GMS. Any resolutions agreed at the GMS
must represent the long-term interest of the Company and shall In addition, prior to GMS implementation, the Company also
be made with respect to the provision of the Company’s Articles announces a set of rules and procedures for the meeting
of Association as well as the prevailing laws and regulations. participants, which include the ways the meeting will be held
(physically and/or electronically or both), the time and place, the
GMS Mechanisms meeting agenda, the shareholders entitled to attend the meeting,
the chairman of the meeting, the quorum and procedures to
With due observance of the provisions under the applicable submit questions and/or raise comments.
regulations, including OJK Regulation No. 15/POJK.04/2020
concerning Planning and Holding of GMS of Public Companies
(OJK Regulation No. 15), and the Company’s Articles of
Association, the Company shall closely follow GMS mechanisms
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
Voting Procedures The Company appoints a Notary and Securities Administration
Bureau as independent parties to help count the votes and
As outlined in the rules and procedures for conducting a GMS, validate the results.
resolutions shall be adopted by inquiring whether the proposal
submitted in the meeting can be approved by the shareholders in GMS Implementation in 2025
attendance and/or their proxies. For shareholders in attendance
or their proxies, they can vote by raising hands and giving their In 2025, Saratoga held an Annual GMS and an Extraordinary
voting cards to the meeting officials. Shareholders can also GMS collectively on Wednesday, 25 June 2025 at Adaro
vote through eASY.KSEI (e-voting) when attending the meeting Institute, Cyber 2 Building, 26th Floor, Jl. Rasuna Said Block X-5,
electronically, to agree or disagree or even being abstain, with the Kav.13, Jakarta 12950, at 10.24-11.29 Western Indonesia Time.
2025 Annual Report
proposed meeting agenda being discussed. Shareholders could also attend the meeting electronically by
accessing Electronic General Meeting System KSEI (eASY.KSEI),
If the shareholder or the proxy arrives at the meeting after the https://akses.ksei.co.id, provided by PT Kustodian Sentral Efek
registration period has ended , the votes are not counted, but the Indonesia (KSEI).
shareholder or the proxy still retains the right to participate in the
meeting as an invitee.
Additionally, as required by the prevailing laws and regulations, the following actions were conducted ahead of the implementation of
the Annual GMS and Extraordinary GMS:
Notice of GMS Agenda to the OJK 7 May 2025
Notice to OJK about the change of GMS Agenda 19 May 2025
GMS Announcement to Shareholders through the website of IDX, the website of KSEI as the provider of e-RUPS 19 May 2025
and the Company’s website
Summon of GMS 25 June 2025
GMS Implementation 25 June 2025
Announcement of Summary of GMS 2025 through the websites of IDX, KSEI, and the Company’s 30 June 2025
Submission of Deed of GMS Minutes to OJK 22 July 2025
Annual GMS Implementation
The attendance report of members of BoD and of BoC at the meetings is as follows:
Board of Commissioners President Commissioner : Edwin Soeryadjaya*
Commissioner : Joyce Soeryadjaya Kerr*
Commissioner : Indra Cahya Uno*
Independent Commissioner : Sidharta Utama
Independent Commissioner : Anangga W. Roosdiono
Board of Directors President Director : Michael William P. Soeryadjaya
Director : Lany Djuwita Wong
Director : Devin Wirawan*
*attended via teleconference media.
The meeting was also attended by 12,435,045,250 shares with item (1) letter (a) of OJK Regulation No. 15 and Article 12 Item (1)
valid voting rights or 91.81% of all shares with valid voting rights letter (a) and item (7) of the Company’s Articles of Association,
issued by the Company. During the Annual GMS, the Company the Company’s GMS has met its quorum and was eligible to take
appointed an independent party, i.e. Abdul Latif, representing PT legal binding resolutions.
Datindo Entrycom (Share Registrar), to administer the Company’s
shares. The Company also assigned Diharini, S.H., M.Kn. (Notary) During the meeting, GMS facilitated the shareholders and/or their
to help count and validate the meeting resolutions, as well as proxies the opportunity to ask questions and/or provide opinions
prepare the minutes of meetings. In accordance with Article 41 regarding the meeting agenda being discussed.
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Corporate
Governance
PT Saratoga Investama Sedaya Tbk.
2025 Annual GMS Resolutions
The Company ensured that all resolutions taken at the 2025 Annual GMS were made by way of deliberation to reach a consensus.
However, in the case deliberation to reach a consensus is not reached, the resolutions would be made by voting.
AGMS 2025
First Approval on the Annual Report for the 1. Approving and accepting the Company’s Annual Report for the financial year of
Agenda financial year of 2024 and ratification 2024, including the Supervisory Duties Report of the Board of Commissioners of the
on the Financial Statements of the Company, and ratifying the Consolidated Financial Statements of the Company and
2025 Annual Report
Company for the financial year ending its Subsidiaries for financial year ended as of 31 December 2024 that was audited by
on 31 December 2024, and providing Public Accountant Harry Widjaja, S.E., CPA of the Public Accounting Firm Siddharta
full acquittal and discharge (volledig Widjaja & Rekan (a member of KPMG global network) as described in its report No.
acquit et de charge) to the members 00061/2.1005/AU.I/05/1214-5/1/III/2025 dated 11 March 2025 with “Unqualified”
of the Board of Directors and the Board opinion.
of Commissioners of the Company
2. Upon the approval of the Company’s Annual Report for the financial year of 2024
for management and supervision
including the supervisory report of the Board of Commissioners of the Company, as
performed during the financial year of
well as the ratification of the Consolidated Financial Statements of the Company and
2024.
its Subsidiaries for the financial year ended on 31 December 2024, thus, granting the
full release and acquittal discharge (volledig acquit et de charge) to all members of
the Board of Directors and the Board of Commissioners of the Company from their
management and supervisory duties during the financial year of 2024, as long as such
actions are reflected in the Annual Report and the Consolidated Financial Statements
of the Company and its Subsidiaries for the financial year ended on 31 December
2024 and is not a criminal offense or a breach of the prevailing laws and regulations.
Approving shares: Disapproving shares: Abstained shares:
12,401,711,150 shares (99.73%) 1,600 shares (0.0000129%) 33,332,500 shares (0.268%)
Note: Shareholders did not submit questions or responses upon the first meeting agenda.
Second Approval on the determination of the 1. Approving the use of profit attributable to the owners of the Company for the financial
Agenda use of the Company’s net profit for the year of 2024 amounting to IDR3,290,000,000,000 (three trillion two hundred ninety
financial year of 2024. billion Rupiah), for the following matters:
a. A total of IDR5,000,000,000 (five billion Rupiah) is set aside as the Company’s
mandatory reserve;
b. A maximum of IDR200,000,000,000 (two hundred billion Rupiah) or IDR14.75
(fourteen point seven five) per share will be paid as final cash dividend to the
shareholders of the Company; and
c. The remaining amount will be allocated to increase the retained earnings of the
Company.
2. Approving to grant power and authority to the Board of Directors to arrange the
procedures for payment of the final cash dividend, including but not limited to
determining the payment schedule, as well as to take all other necessary actions in
relation with the payment of the final cash dividend in accordance with the prevailing
laws and regulations.
Approving shares: Disapproving shares: Abstained shares:
12,404,199,850 shares (99.75%) No votes 30,845,400 shares (0.248%)
Note: Shareholders did not submit questions or responses upon the second meeting agenda.
Third Approval of the appointment of a Public Approving to authorize the Board of Commissioners of the Company to appoint Public
Agenda Accountant and Public Accounting Accounting Firm and Public Accountant to audit the Financial Statement of the Company
Firm to audit the Company’s Financial for the financial year ended on 31 December 2025 and other audits required by the
Statements for the financial year Company, and determining the honorarium and other appointment requirements and to
ending on 31 December 2025. authorize the Board of Commissioners of the Company to appoint a substitution of Public
Accounting Firm and Public Accountant if the appointed Public Accountant is unable to
carry out his/her duties for any reason, by taking into account the recommendations from
the Audit Committee.
Approving shares: Disapproving shares: Abstained shares:
12,379,019,662 shares (99.549%) 25,177,688 shares (0.202%) 30,847,900 shares (0.248%)
Note: Shareholders did not submit questions or responses upon the third meeting agenda.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
AGMS 2025
Fourth Approval on the determination of the 1. By taking into account the suggestions and opinions given by the Company’s
Agenda salary, honorarium and allowances, Nomination and Remuneration Committee, determining that the remuneration for
and other facilities for the members of all members of the Board of Commissioners of the Company for the financial year of
the Board of Directors and the Board 2025 is in the maximum amount of IDR17,000,000,000 (seventeen billion Rupiah).
of Commissioners for the financial 2. Granting power and authority to the Board of Commissioners of the Company to
year of 2025. determine the amount of salary, bonus and other allowances for members of the
Board of Directors of the Company in accordance with the structure, policy and
amount of remuneration based on the Company’s remuneration policy for the
financial year ended on 31 December 2025, by taking into account the suggestions
and opinions given by the Company’s Nomination and Remuneration Committee.
2025 Annual Report
Approving shares: Disapproving shares: Abstained shares:
12,397,567,662 shares (99.69%) 6,629,688 shares (0.05%) 30,847,900 shares (0.248%)
Note: Shareholders did not submit questions or responses upon the fourth meeting agenda.
Fifth Approval on the amendment of 1. To approve the amendment to Article 16 paragraph (2) and Article 19 paragraph (2) of
Agenda Article 16 paragraph (2) and Article the Company's Articles of Association, so that they read as follows:
19 paragraph (2) of the Company’s Article 16 paragraph (2)
Article of Association. Members of the Board of Directors shall be appointed by a GMS, each for a period as
from their appointment until the closing of the fifth Annual GMS, without prejudice to
the rights of the GMS to dismiss them at any time.
Article 19 paragraph (2)
Members of the Board of Commissioners shall be appointed by a GMS for a period as
from their appointment until the closing of the fifth annual GMS, without prejudice to
the rights of the GMS to dismiss them at any time.
2. To appoint and grant power with the right of substitution to the Board of Directors
of the Company to do any acts related to the Meeting Resolutions, including but
not limited to appearing before the authorities, having discussion, giving and/or
asking for information, submitting a request for approval for changes to the Articles
of Association to the Minister of Law of the Republic of Indonesia as well as other
related competent institutions, drawing up and/ or signing deeds and letters or other
documents that are required or deemed necessary, appearing before a Notary to
have the deed of statement of Meeting Resolutions of the Company drawn up and
signed and doing other matters that shall and/or may be done to realize/implement
the Meeting Resolutions.
Approving shares: Disapproving shares: Abstained shares:
12,404,193,850 shares (99.75%) 3,500 shares (0.000028%) 30,847,900 shares (0.25%)
Note: Shareholders did not submit questions or responses upon the fifth meeting agenda.
Sixth Approval on the changes and/or 1. To approve the expiration of the term of office of all members of the Board of Directors
Agenda reappointment of members of the and Board of Commissioners of the Company as of the closing of the Meeting.
Board of Directors and Board of 2. To apporove:
Commissioners. a. To appoint Aria Kanaka and Stephanus Harjanto T as the new Independent
Commissioners of the Company, with a term of office in accordance with the
provisions of the applicable Articles of Association, effective from the closing of
the Annual General Meeting of Shareholders in 2025.
b. To reappoint the members of the Board of Directors and Board of Commissioners
of the Company as follows:
Board of Directors
President Director: Michael William P. Soeryadjaya
Director: Lany Djuwita Wong
Director: Devin Wirawan
Board of Commissioners
President Commissioner: Edwin Soeryadjaya
Commissioner: Joyce Soeryadjaya Kerr
Commissioner: Indra Cahya Uno
So that after the appointment, the composition of the members of the Board
of Directors and Board of Commissioners of the Company, with a term of office
in accordance with the provisions of the applicable Articles of Association,
effective from the closing of the Annual General Meeting of Shareholders in
2025 is as follows:
Board of Directors
President Director: Michael William P. Soeryadjaya
Director: Lany Djuwita Wong
Director: Devin Wirawan
Board of Commissioners
President Commissioner: Edwin Soeryadjaya
Commissioner: Joyce Soeryadjaya Kerr
Commissioner: Indra Cahya Uno
Independent Commissioner: Aria Kanaka
Independent Commissioner: Stephanus Harjanto T
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Corporate
Governance
PT Saratoga Investama Sedaya Tbk.
AGMS 2025
3. To appoint and grant power with the right of substitution to the Board of Directors
of the Company to do any acts related to the Meeting Resolutions, including but not
limited to appearing before the authorities, having discussion, giving and/or asking
for information, submitting notification on the appointment of the Company's Board
of Directors and the Board of Commissioners to the Minister of Law of the Republic
of Indonesia as well as other related competent institutions, drawing up and/ or
signing deeds and letters or other documents that are required or deemed necessary,
appearing before a Notary to have the deed of statement of Meeting Resolutions of
the Company drawn up and signed and doing other matters that shall and/or may be
done to realize/implement the Meeting Resolutions.
2025 Annual Report
Approving shares: Disapproving shares: Abstained shares:
12,403,950,350 shares (99.749%) 247,000 shares (0.0019%) 30,847,900 shares (0.248%)
Note: Shareholders did not submit question or response upon the sixth meeting agenda.
Seventh Report on the results of the Since this is only a report, no resolution has been made in this Agenda.
Agenda implementation of the Company’s
Long Term Incentive Program.
Note: Shareholders did not submit questions upon the seventh meeting agenda.
The Annual GMS Minutes Meeting is already outlined in the Deed 2025 Extraordinary GMS Implementation
of Minutes Meeting of Annual GMS of PT Saratoga Investama
Sedaya Tbk. No. 29 dated 25 June 2025, signed before Diharini, The Extraordinary GMS was attended by 12,434,392,150 shares
S.H., M.Kn., a Notary Public in Jakarta, who also helped validate with valid voting rights or 91.80% of all shares with valid voting
the resolutions taken and prepare the minutes meeting. rights issued by the Company. With the total shares represented
at the meeting, the Company, in accordance with Article 41 item
The Company confirmed that all resolutions taken in 2025 (1) letter (a) of OJK Regulation No. 15 and Article 12 item (1) letter
Annual GMS were already realized in the financial year, including (a) and item (7) of the Company’s Articles of Association, has met
completing the payment of the final cash dividend to our its quorum for conducting an Extraordinary GMS and was eligible
shareholders in timely and equitable manner. to take legal binding resolutions.
During the meeting, the GMS facilitated the shareholders and/
or their proxies the opportunity to submit questions and/or
responses upon the meeting agenda.
The Extraordinary GMS produced the following resolutions:
Extraordinary GMS 2025
First Agenda Approval on the use of Company’s 1. Approving to allocate up to 5,500,000 (five million five hundred thousand) shares for
treasury shares which are already distribution to members of the Board of Directors and employees of the Company
owned by the Company until the in 2025, for the implementation of the Long-Term Incentive Program (LTIP), using
EGMS dated 16 May 2024 for Long the treasury shares which originated from the buyback of shares conducted by the
Term Incentive Program of the Company during the period until the EGMS dated 16 May 2024.
Company. 2. Approving the granting of authority and power to the Board of Directors of the
Company to take any actions and/or carry out any actions and dealings as necessary
and/or required to realize the implementation of the Long-Term Incentive Program
(LTIP), in accordance with the prevailing law and regulations.
Approving shares: Disapproving shares: Abstained shares:
12,302,293,823 shares (99.937%) 119,949,827 shares (0.96%) 12,148,500 shares (0.0977%)
Note: Shareholders did not submit questions or responses upon the first meeting agenda.
The Extraordinary GMS Minutes Meeting is already outlined in The Company confirmed that all resolutions taken in 2025
the Deed of Minutes Meeting of Extraordinary General Meeting Extraordinary GMS were already realized in the financial year.
of Shareholders of PT Saratoga Investama Sedaya Tbk. No. 30
dated 25 June 2025, signed before Diharini, S.H., M.Kn., a Notary
Public in Jakarta, who also helped validate the resolutions taken
and prepare the minutes meeting.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
The Implementation of Annual GMS and Extraordinary GMS in 2024
We conducted Annual GMS and Extraordinary GMS collectively on Thursday, 16 May 2024, at Raffles Jakarta, 2nd Floor, Djakarta Room,
Ciputra World, Jl. Prof. Dr. Satrio, Kav. 3, Jakarta 12940, with the total shares represented at the meeting amounting to 90.18% of all
shares with valid voting rights issued by the Company.
The Annual GMS had passed the following resolutions:
AGMS 2024
2025 Annual Report
First Approval on the Annual Report 1. Approving and accepting the Company’s Annual Report for the financial year 2023, including
Agenda for the financial year of 2023 the Supervisory Report of the Board of Commissioners of the Company, and ratifying the
and ratification on the Financial Consolidated Financial Statements of the Company and its subsidiaries for financial year
Statements of the Company for ended as of December 31, 2023 that has been audited by Public Accountant Harry Widjaja,
the financial year ending on 31 S.E., CPA of the Public Accounting Firm Siddharta Widjaja & Associates (a member of KPMG
December 2023 and granting global network) as described in its report No. 00069/2.1005/AU.1/05/1214-4/1/III/2024
full acquittal and discharge dated March 15, 2024 with “Unqualified” opinion.
(volledig acquit et de charge) 2. Upon the approval of the Company’s Annual Report for the financial year 2023 including
to the members of the Board the Supervisory Report of the Board of Commissioners of the Company, as well as the
of Directors and the Board of ratification of the Consolidated Financial Statements of the Company and its Subsidiaries
Commissioners of the Company for the financial year ended on 31 December 2023, thus, granting the full release and
for management and supervision acquittal discharge (volledig acquit et de charge) to all members of the Board of Directors
performed during the financial and the Board of Commissioners of the Company from their management and supervisory
year 2023. duty during the financial year 2023, as long as such actions are reflected in the Annual
Report and the Consolidated Financial Statements of the Company and its Subsidiaries for
the financial year ended on 31 December 2023 and is not a criminal offense or a breach of
the prevailing laws and regulations.
Approving shares: Disapproving shares: Abstained shares:
12,184,656,850 shares (99.81%) 2,000 shares (0.0000164%) 23,100,000 shares (0.19%)
Note: There was one shareholder who asked a question upon the first meeting agenda.
Second Approval on the determination 1. Approved the allocation of the Company’s retained earnings as of 31 December 2023
Agenda of the use of the Company’s net amounting to IDR303,426,370,000 (three hundred three trillion four hundred twenty-six
profit for the financial year 2023. million three hundred seventy thousand Rupiah), for the following matters:
a. A total of IDR5,000,000,000 (five billion Rupiah) is set aside as compulsory reserves
of the Company; and
b. A total of IDR298,426,370,000 (two hundred ninety-eight billion four hundred twenty-
six million three hundred seventy thousand Rupiah) or IDR22 (twenty-two Rupiah) per
share will be paid as final cash dividend to the shareholders of the Company.
2. Approved the granting of power and authority to the Board of Directors to regulate the
procedures for the payment of the said final cash dividend, including but not limited to
determining the payment schedule, as well as to take all other necessary actions in
connection with the payment of the final cash dividend in accordance with the prevailing
laws and regulations.
Approving shares: Disapproving shares: Abstained shares:
12,184,656,850 shares (99.81%) 2,000 shares (0.0000164%) 23,100,000 shares (0.19%)
Note: There was one shareholder who asked a question upon the second meeting agenda.
Third Approval of the appointment of Approving to authorize the Board of Commissioners of the Company to appoint Public
Agenda a Public Accountant and Public Accounting Firm and Public Accountant to audit the Financial Statement of the Company for
Accounting Firm to audit the the financial year ended on 31 December 2024 and other audits required of the Company and
Company’s Financial Statements determining the honorarium and other appointment requirements and authorize the Board of
for the financial year ended 31 Commissioners of the Company to appoint a substitute Public Accounting Firm and Public
December 2024. Accountant if the appointed Public Accountant is unable to carry out his duties for any reason,
by taking into account the recommendations from the Audit Committee.
Approving shares: Disapproving shares: Abstained shares:
12,151,277,550 shares (99.54%) 33,381,300 shares (0.27%) 23,100,000 shares (0.19%)
Note: Shareholders did not submit questions or responses upon the third meeting agenda.
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Corporate
Governance
PT Saratoga Investama Sedaya Tbk.
AGMS 2024
Fourth Approval on the determination 1. By taking into account the suggestions and opinions given by the Company’s Nomination
Agenda of the salary, honorarium and and Remuneration Committee, determining remuneration for all members of the
allowances, and other facilities Board of Commissioners of the Company for the financial year 2024 of a maximum of
for the members of the Board IDR17,000,000,000 (seventeen billion Rupiah).
of Directors and the Board of 2. Granting power and authority to the Board of Commissioners to determine the amount of
Commissioners for the financial salary, bonus and other allowances for members of the Board of Directors of the Company
year 2024. in accordance with the structure, policy and amount of remuneration of the Company for
the financial year ended on 31 December 2024, by taking into account the suggestions and
opinions given by the Company’s Nomination and Remuneration Committee.
2025 Annual Report
Approving shares: Disapproving shares: Abstained shares:
12,151,270,150 shares (99.54%) 33,378,300 shares (0.27%) 23,110,400 shares (0.19%)
Note: Shareholders did not submit questions or responses upon the fourth meeting agenda.
Fifth Reporting on the results of Since this is only a report, no resolution was made in this Agenda.
Agenda the implementation of the
Company’s Long Term Incentive
Program.
Note: Shareholders did not submit questions or responses upon the fifth meeting agenda.
The Annual GMS Minutes Meeting is already outlined in the Deed or 90.02% of all shares with valid voting rights issued by the
of Minutes Meeting of Annual GMS of PT Saratoga Investama Company. With the total shares represented at the meeting, the
Sedaya Tbk. No. 80 dated 16 May 2024, signed before Jose Dima Company, in accordance with Article 41 item (1) letter (a) of OJK
Satria, S.H., M.Kn., a Notary Public in Jakarta, who also helped Regulation No. 15 and Article 12 item (1) letter (a) and item (7) of
validate the resolutions taken and prepare the minutes meeting. the Company’s Articles of Association, has met its quorum for
conducting an Extraordinary GMS and was eligible to take legal
The Company confirmed that all resolutions taken in 2024 binding resolutions.
Annual GMS were already realized in the financial year, including
completing the payment of the final cash dividend to our During the meeting, GMS facilitated the shareholders and/or
shareholders in timely and equitable manner. their proxies the opportunity to ask questions and/or provide
opinions regarding the meeting agenda, yet no shareholders had
2024 Extraordinary GMS Implementation submitted questions and/or provided opinions.
The Extraordinary GMS was attended by 12,185,895,750 shares
The Extraordinary GMS produced the following resolutions:
Extraordinary GMS 2024
First Approval on the use of 1. Approving to allocate up to 8,500,000 (eight million five hundred thousand) treasury
Agenda Company’s treasury shares shares for distribution to members of the Board of Directors and employees of the
which are already owned by the Company in 2024, for the implementation of the Long-Term Incentive Program, using
Company until the date of this the treasury shares which are already owned by the Company until the date of this
EGMS for Long Term Incentive Extraordinary General Meeting of Shareholders, which originated from the buyback of
Program of the Company. shares conducted by the Company as approved by the Company’s shareholders in the
Extraordinary General Meeting of Shareholders held on 17 June 2020.
2. Approving the granting of authority and power to the Board of Directors of the Company
to take any actions and/or carry out any dealings as necessary and/or required to realize
the implementation of the Long-Term Incentive Program, in accordance with the prevailing
law and regulations.
Approving shares: Disapproving shares: Abstained shares:
12,171,863,535 shares (99.89%) 13,401,715 shares (0.11%) 657,500 shares (0.005%)
Note: Shareholders did not submit questions or responses upon the first meeting agenda.
The Extraordinary GMS Minutes Meeting is already included in the The Company ensured that the 2024 Extraordinary GMS
Deed of Minutes Meeting of Extraordinary GMS of PT Saratoga resolutions have all been realized in the financial year.
Investama Sedaya Tbk. No. 81 dated 16 May 2024, signed before
Jose Dima Satria, S.H., M.Kn., a Notary Public in Jakarta, who also
helped validate the resolutions taken and prepare the minutes
meeting.
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The Board of Commissioners
PT Saratoga Investama Sedaya Tbk.
The BoC serves as a supervisory organ with respect to the Structure and Membership of the BoC
Company’s Articles of Association and the applicable laws
and regulations. The BoC is responsible for overseeing the Reporting directly to GMS that has rights to appoint and dismiss
management performance of the BoD, providing strategic advice, the BoC members, our BoC consisted of 5 (five) members. The
policy guidance, and oversight to ensure regulatory compliance BoC serves the office since the date of their appointment by GMS
and the effective implementation of GCG. As stipulated in our until the closing of the fifth Annual GMS after their appointment,
2025 Annual Report
Articles of Association, the BoC is also authorized to grant with due respect to the GMS’ right to dismiss them at any time.
approval to certain legal actions undertaken by the BoD. The President Commissioner is in charge of coordinating the
implementation of BoC’s overall duties, including convening the
To ensure an effective supervision, the BoC is allowed to engage Board meetings and to chair the BoC meetings.
external expert consultants to obtain professional and objective
advice regarding the performance of the BoC and its committees, In addition, as part of our regulatory compliance toward the
at the Company’s expense. independence criteria as specified in OJK Regulation No. 33/
POJK.04/2014 concerning the BoD and the BoC of an Issuer or a
Charter of the BoC Public Company, we appointed two Independent Commissioners.
We ensure that our Independent Commissioners, who make
In serving its duties and responsibilities, our BoC is guided with a up 40% of the Board structure, are committed to providing
BoC Charter which stipulates the legal basis of establishment, the professional and independent as well as balanced perspectives
scope of duties and responsibilities, the membership structure, to establish objectivity in a constructive discussion and decision-
board meeting and regulates the relationship between the making process. Furthermore, the Independent Commissioners
BoC and BoD. Other than guiding the BoC’s duty performance, also act in the best interests of the Company as well as those of
the charter also serves as the basis for the evaluation on each minority shareholders and other stakeholders. The Independent
member's performance. To ensure its effective implementation, Commissioners have ensured their independence by signing an
the BoC will conduct periodical review over the charter’s independence statement which was submitted to the Company
substance and propose some revisions, if appropriate, to ensure on 25 June 2025.
its relevance with regulatory changes and/or the dynamics
of Saratoga’s business. The BoC charter is available on the In the GMS, which was held on 25 June 2025, Saratoga’s
Company’s website. shareholders agreed to reshuffle the composition of the BoC
members. The membership structure of the BoC as of December
31, 2025 was as follows:
Name Designation Period
Edwin Soeryadjaya President Commissioner 2025-2030
Joyce Soeryadjaya Kerr Commissioner 2025-2030
Indra Cahya Uno Commissioner 2025-2030
Aria Kanaka Independent Commissioner 2025-2030
Stephanus Harjanto T Independent Commissioner 2025-2030
The Company confirms that the composition of the BoC is Meetings of the BoC
adequate to serve an effective oversight over the implementation
of BoD management policies, the Company’s overall strategic As stipulated in the BoC Charter and other prevailing regulations,
directions, and compliance with the applicable regulations. The the BoC shall convene at least 6 (six) meetings a year or at any
Company also ensures that the composition of the BoC complies time deemed necessary by one or more member(s) of the BoC,
with the provisions stipulated in the Articles of Association, the pursuant to a written request by one or more members of the BoC
prevailing capital market regulations, and aligns with international or based on a written request by one or more shareholders jointly
best practice standards and recommendations. representing 1/10 (one tenth) of the total number of shares with
legal voting rights. The BoC is required to circulate the meeting
A brief profile of each member of the BoC is already disclosed in agenda and materials to the meeting participants within 5 (five)
the Profile of the BoC section of the 2025 Annual Report. days prior to the meeting at the latest.
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Corporate
Governance
PT Saratoga Investama Sedaya Tbk.
President Commissioner shall chair the BoC meetings. In the The BoC meeting requires a quorum of more than ½ (half) of total
absence or inability of the President Commissioner to attend members of the BoC to be present or represented at the meeting
a meeting of the BoC, of which case it is unnecessary to give for resolutions to be legally binding at the BoC meeting. To promote
evidence to the third parties, a member of the BoC may chair the objectivity and integrity, the Independent Commissioner(s) is
meeting, provided they are appointed in writing by the President expected to demonstrate an active participation by delivering
Commissioner. When a commissioner has a conflict of interest on a professional, objective and constructive opinion for each
a specific agenda item to be discussed at the meetings, he or she meeting agenda.
is required to recuse themselves by not attending that portion
of the meeting and must not participate in any discussions Beyond BoC internal meetings, the BoC members shall convene a
or decision making relating to it, to ensure the integrity of the periodic joint meeting with BoD members of at least once every
2025 Annual Report
decision-making process. 4 (four) months or at any time whenever deemed necessary by
the BoC. A joint meeting between the BoC and BoD can be held
At BoC meetings, the Company will require BoC’ approval for following a BoC meeting whenever requested, to allow the BoD
certain issues including the corporate agenda which are deemed to present updates on the Company's progress to the BoC.
material and the related-party transactions. Our BoC shall
monitor and manage potential conflicts of interests, including In the course of 2025, the BoC held 7 (seven) internal meetings
those arising on the transactions conducted by the Company. In and 4 (four) joint meetings with our BoD members. The report
addition, on the recommendations from the Audit Committee, on the attendance rate at each of the BoC meeting is as follows:
the BoC needs to ensure that each related-party transaction,
including providing loans to our employees, shall be conducted
in the best interests of the Company and the shareholders with
respect to arms-length principle and at fair market price.
Internal Meetings of the BoC
Name Designation Number of Meetings Attendance Rate %
Edwin Soeryadjaya President Commissioner 7 7 100
Joyce Soeryadjaya Kerr Commissioner 7 7 100
Indra Cahya Uno Commissioner 7 7 100
Sidharta Utama* Independent Commissioner 2 2 100
Anangga W. Roosdiono* Independent Commissioner 2 2 100
Aria Kanaka** Independent Commissioner 5 5 100
Stephanus Harjanto T** Independent Commissioner 5 5 100
Note:
* Has been dismissed as the Company’s Independent Commissioner since the closing of the Annual GMS of the Company on 25 June 2025.
**Began to serve the Company as of the closing of the Annual GMS of the Company on 25 June 2025.
Joint Meeting with the BoD
Name Designation Number of Meetings Attendance Rate %
Edwin Soeryadjaya President Commissioner 4 4 100
Joyce Soeryadjaya Kerr Commissioner 4 4 100
Indra Cahya Uno Commissioner 4 4 100
Sidharta Utama* Independent Commissioner 2 2 100
Anangga W. Roosdiono* Independent Commissioner 2 2 100
Aria Kanaka** Independent Commissioner 2 2 100
Stephanus Harjanto T** Independent Commissioner 2 2 100
Note:
* Has been dismissed as the Company’s Independent Commissioner since the closing of the Annual GMS of the Company on 25 June 2025.
**Began to serve the Company as of the closing of the Annual GMS of the Company on 25 June 2025.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
Attendance Rate of the BoC at GMS
Name Designation Number of Meetings Attendance Rate %
Edwin Soeryadjaya*** President Commissioner 2 2 100
Joyce Soeryadjaya Kerr*** Commissioner 2 2 100
Indra Cahya Uno*** Commissioner 2 2 100
Sidharta Utama* Independent Commissioner 1 1 100
Anangga W. Roosdiono* Independent Commissioner 1 1 100
Aria Kanaka** Independent Commissioner 1 1 100
2025 Annual Report
Stephanus Harjanto T** Independent Commissioner 1 1 100
Note:
* Has been dismissed as the Company’s Independent Commissioner since the closing of the Annual GMS of the Company on 25 June 2025.
** Began to serve the Company as of the closing of the Annual GMS of the Company on 25 June 2025.
*** Attended via teleconference media.
Report on Duty Implementation of the BoC 12. Conducting a review of the Sustainability Report for the
2025 financial year prepared by the BoD.
BoC is responsible for both collegial duties and responsibilities.
Throughout 2025, the BoC have completed the following tasks: Competence Development Programs for the BoC
1. Conducting regular reviews of the activities and providing The Company has set an annual budget for the BoC’s training and
responses to professional opinions and recommendations requires the Corporate Secretary to recommend relevant courses
of the Audit Committee as well as the Nomination and to enhance their directorship education, focusing on GCG,
Remuneration Committee; industry outlooks, business prospects, and innovations. These
2. Monitoring and evaluating the corporate strategies, actions, training opportunities are intended to improve management
risk management policies, budget, and annual business supervision quality and the implementation of governance
plans; determining the implementation objectives; the processes.
implementation of the management and performance of the
Company; and overseeing the transactions of investments, In 2025, our BoC members have participated in several trainings
acquisitions and divestments that are beyond the agreed and education programs as follows:
limits or have conflicts of interests;
3. Preparing and presenting its accountability reports on its No. Name of Training Program Organizer
oversight duties for the 2025 financial year to the GMS;
1. Socialization of Ministry of Finance Ikatan Konsultan
4. Assessing the performances of the BoD, BoC, the Audit
Decree 37 of Year 2025 Pajak Indonesia
Committee, and the Nomination and Remuneration (IKPI)
Committee for the 2025 financial year;
2. Accounting and Audit Considerations Institut Akuntan
5. Conducting reviews and giving approval to the Company’s as well as Capital Market Regulations Publik Indonesia
2025 annual budget proposed by the BoD; in the Merger and Acquisition Process, (IAPI)
6. Conducting periodical reviews, providing recommendations and Updates on the Development of the
and advising the BoD regarding the investment strategies, Sharia Capital Market in Indonesia
financial, and operational performance of the Company; 3. Tax Holiday Post Global Minimum Tax IKPI Pusat
7. Monitoring the implementation and ensuring the quality of the
4. Cross-Border VAT in Indonesia IKPI Pusat
Company’s corporate governance practices and suggesting
5. Cybersecurity & Data Privacy Sharing The Company
some recommendations on areas of improvements where
Session and PwC
appropriate; Indonesia
8. Giving approval to the appointed Public Accounting Firm that
would perform an audit task over the Company’s Consolidated
Financial Statements for the financial year ending on 31
December 2025 and monitoring the implementation of audit
activities and developments in the capital market;
9. Overseeing the implementation of corporate strategies;
10. Conducting reviews and recommending changes to the
BoC charter to ensure its compliance with the prevailing
regulations;
11. Determining the amount of remuneration and other
allowances of the BoD and BoC members for the year of
2025, pursuant to the AGMS on 25 June 2025; and
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Corporate
Governance
PT Saratoga Investama Sedaya Tbk.
Self-Assessment Policy of the BoC Decisions that Require BoC’s Approval
To measure the effectiveness of the governance process As an active investment company, BoC shall monitor and oversee
implementation, the BoC holds a self-assessment on an annual the corporate strategy formulation and implementation by the
basis against the supervisory task performance. The self- BoD. In the making of significant decisions, the BoC shall ensure
assessment shall take into account some recommendations that they shall represent the best interests of the Company.
and review results provided by Nomination and Remuneration BoD will seek approval from BoC for certain decisions within the
Committee. The foregoing committee serves the duty of scope of duties and responsibilities of the BoD.
determining the assessment process and criteria, which are to
measure the quality of duty performance, skills and diversity of Beyond BoC’s approval, decisions on strategic corporate actions,
2025 Annual Report
the BoC members as well as inputs and recommendations. such as mergers, acquisitions and/or takeovers, particularly for
large transactions, shall require approval from the shareholders
The BoC conducts an annual self-assessment of its supervisory through GMS mechanism. The management will assign an
task performance. Such self-assessment is important for independent party to help evaluate the fair market price of the
evaluating the Board’s effectiveness and includes reviewing transactions and the regulatory compliance.
the achievement of annual work plans and meeting specific
Key Performance Indicators (KPIs). The assessment process Assessment of Performances of the Committees
will be guided with the mechanism and criteria determined by
Nomination and Remuneration Committee, which include the For an effective oversight, our BoC has established the Audit
aspects of the quality of duty performance, skills and diversity Committee as well as the Nomination and Remuneration
of the BoC members as well as the inputs and recommendations. Committee. To improve the quality of governance practices, the
The BoC will further review the assessment results through its BoC conducts an annual assessment of the performances of both
internal meetings and use them as guidance to improve the Audit Committee and Nomination and Remuneration Committee,
quality of supervisory task implementation. with criteria including their commitment to fulfilling the duties
and responsibilities as stipulated in the prevailing regulations,
In 2025, the BoC’s self-assessment results have confirmed the attendance at internal committee meetings as well as joint
following matters: meetings with BoC. They are also assessed for their consistency in
complying with their charters, meeting guidelines, and decision-
1. BoC has demonstrated well-coordinated activities; making process which will ensure accountability and build trust
2. BoC members have contributed significant inputs and in their oversight functions against the corporate governance
recommendations to the Company’s progress and their implementation. In accordance with the results of the assessment
advice for improvements of the quality of governance was conducted in 2025, our BoC confirmed both committees’
valued and being followed up by the BoD; compliance with the charters as well as the applicable laws and
3. The diversity of educational backgrounds and professional regulations throughout their duty performance and in providing
experience of the members of the BoC provides valuable professional and independent opinions in the discussions with
insights and balanced perspectives, reflecting the BoC, thus helping the BoC to deliver effective supervisory duties
competence and capabilities of each member; and against the management and governance practices within the
4. BoC members conducted high quality discussions among Company.
their Commissioner peers during BoC meetings.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
The Board of Directors
PT Saratoga Investama Sedaya Tbk.
Our BoD shares collective responsibilities for ensuring the meetings, the establishment of corporate values and other
establishment of sustainable values of the Company through operational mechanisms. For an effective implementation, the
strategic planning and directions relating to investments, BoD will regularly review the substance of the BoD charter and
divestments, and/or other corporate actions. The BoD shall provide recommendations, if appropriate, to ensure it would be
demonstrate executive leadership in performing its management well aligned with Saratoga’s business dynamics. The BoD charter
role and act in the best interests of the Company and its is accessible through the Company’s website.
2025 Annual Report
shareholders by maintaining the effectiveness of corporate
governance practices, risk management as well as adequate Structure and Composition of the BoD
internal control system. Their commitment to advancing the
Company is believed to build accountability and trust that it is Through GMS mechanism and on recommendations from the
aligned with the Company’s vision, mission, and goals. Nomination and Remuneration Committee, the shareholders
have an authority to appoint and dismiss the BoD members. As of
Beyond the collective responsibilities, each member of the BoD 31 December 2025, Saratoga was led by 3 (three) BoD members,
serves individual duties and responsibilities pertaining to the who serve the office since the date of the appointment by GMS
expertise, experience and backgrounds of each Board member. until the closing of the fifth Annual GMS after their appointment,
However, the task implementation by each Board member with due respect to the GMS’ rights to dismiss them at any
remains to be a collective responsibility until there is proof of time. The President Director leads the board in performing the
gross negligence in the part of a relevant Director. management function and collaborates with other executives in
directing the development and execution of the Company’s long
Charter of the BoD and short-term objectives, policies and plans.
We have established a BoD Charter to guide our BoD members Pursuant to Shareholders’ Resolution on 25 June 2025, the BoD
in serving its duties and responsibilities. The charter regulates an structure remained unchanged with composition as follows:
effective execution of BoD' duties and authorities, BoD internal
Name Designation Period
Michael W. P. Soeryadjaya President Director 2025-2030
Lany Djuwita Wong Director 2025-2030
Devin Wirawan Director 2025-2030
Other than meeting, the requirements and criteria as stipulated in careful consideration of both short-term operational performance
the Company’s Articles of Association and prevailing regulations, and long-term corporate sustainability.
each member of the BoD is selected based on their professional
competence, integrity, and experience relevant to the Company’s The BoD members may (to the best extent deemed as necessary)
business operations, ensuring that the board collectively require the Company’s senior executives and its external advisors
possesses a diverse range of expertise to guide the Company’s and auditors to uphold the highest standards of corporate
strategic directions. The BoD members demonstrate a strong governance and ethical conduct, placing the interests of the
and shared commitment to upholding effective, efficient, and Company and its shareholders as priorities. In carrying out
accountable management practices, aligned with the principles their duties, they must ensure that the Company’s strategic
of good corporate governance as well as international best objectives, policies, and operational decisions align with
practices and recommendations. regulatory requirements, GCG principles, and the overarching
goal of enhancing stakeholder value. This collective responsibility
A brief profile of each member of the BoD is already disclosed in reinforces the Board’s commitment to maintaining transparency,
the Profile of the BoD section of this 2025 Annual Report. professionalism, and sound risk management across all aspects
of the Company’s operations.
Duties and Responsibilities of the BoD
In addition, our BoD may represent the Company both inside
To establish an accountable organization, all members of the and outside the court pertaining to legal matters and events,
BoD share collective duties and responsibilities to exercise sound also bind the Company to other party and vice versa, take all
business judgment in taking strategic actions. Each member is actions concerning the management and ownership, but with the
required to act with integrity, prudence, and accountability, limitations that for the following actions, they shall require the
ensuring that every decision and action taken is grounded in BoC' approval:
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Corporate
Governance
PT Saratoga Investama Sedaya Tbk.
1. To borrow or to grant any loan on behalf of the Company The BoD also assumes an important role in overseeing the
(excluding withdrawing money of the Company in banks) selection process for candidates to fill vacant managerial
which amount exceed certain limit as determined by the BoC positions. In carrying out this function, the BoD ensures that
from time to time; the recruitment and selection procedures shall respect fairness
2. To establish a new business or participate in other companies, and transparency principles by giving equal opportunities
both domestically and abroad in an amount exceeding 10% to all qualified individuals who meet the established criteria,
(ten percent) of the total of the Company’s equity, based to join the Company, in accordance with the principles of
on the latest financial statements of the Company, for each inclusivity, equality, and non-discrimination. This approach
project, in which the total equities of the Company consist of reflects the Company’s commitment to fostering a diverse and
shares capital, additional paid-up capital, retained earnings, competent leadership structure that supports the achievement
2025 Annual Report
and other comprehensive income; of its strategic objectives and upholds the highest standards of
3. To sell and/or otherwise dispose its participation in the corporate governance.
subsidiaries or secure the assets of the Company in the
amount exceeding 10% (ten percent) of the total of the Meanwhile beyond their collective responsibilities, the BoD
Company’s equity, based on the latest financial statement members are assigned for individual duties with respect to their
of the Company, for each project, whereas the equity of expertise, background and experience to promote an effective
the Company consists of shares capital, additional paid-up management. Each member of the BoD is authorized to take
capital, retained earnings, and other comprehensive income; decisions based on their respective positions and within the
4. To bind the Company as a guarantor; scope of their designated responsibilities. Notwithstanding such
5. To approve the appointment and or dismissal of the Head of individual authority, the execution of the BoD’s duties shall remain
the Internal Audit unit; a shared responsibility, whereby all members share accountability
6. To approve the risk appetite, vision, mission, and strategic for the overall performance and decision-making of the Board.
plan of the Company; and
7. To get approval from the BoC for his or her concurrent
positions in other companies.
Name Designation
Michael W. P. Soeryadjaya • Responsible for coordinating all Company’s operational activities.
President Director • Responsible for optimizing returns for the Company on each of its investments (realized &
unrealized) and ensuring the effectiveness of any deal sourcing and portfolio monitoring.
Lany Djuwita Wong Responsible for the finance activities of the Company and leading the Company's ESG Task
Finance Director Force.
Devin Wirawan Responsible for investment and divestment activities of the Company and supervision of the
Investment Director investee companies of the Company.
Meetings of the BoD a conflict of interest for any Director, the Director concerned
is required to abstain from participating in the discussion and
Pursuant to the Articles of Association, prevailing regulations decision-making process to ensure objectivity, transparency, and
and BoD Charter, our BoD shall convene a meeting at least adherence to sound corporate governance principles.
once a month or whenever necessary as requested by one or
more member(s) of the BoD, upon a written request by one or To establish an effective meeting, 5 (five) days prior to the
more members of the BoC, or by one or more shareholders who meeting, BoD is required to circulate the agenda to be discussed
collectively represent 1/10 (one tenth) of the total shares with and materials to all meeting participants. Saratoga’s Corporate
legal voting rights. Secretary will help organize and prepare for the meeting schedule
for the following year before the end of the financial year.
On certain occasions, the BoC members may attend the
BoD meetings to obtain the latest updates of the Company’s Throughout 2025, the BoD conducted 12 (twelve) internal
operational and investment performance, including those of our meetings and participated in 4 (four) joint meetings with the
investee companies. In meetings where specific agenda present BoC. The attendance rate at each of the BoD meetings is reported
below:
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
Internal Meeting of the BoD
Name Designation Number of Meetings Attendance Rate %
Michael W. P. Soeryadjaya President Director 12 12 100
Lany Djuwita Wong Director 12 12 100
Devin Wirawan Director 12 12 100
Joint Meeting with the BoC
2025 Annual Report
Name Designation Number of Meetings Attendance Rate %
Michael W. P. Soeryadjaya President Director 4 4 100
Lany Djuwita Wong Director 4 4 100
Devin Wirawan Director 4 4 100
Attendance Rate of the BoD at GMS
Name Designation Number of Meetings Attendance Rate %
Michael W. P. Soeryadjaya President Director 2 2 100
Lany Djuwita Wong Director 2 2 100
Devin Wirawan* Director 2 2 100
Note:
*Attended via teleconference media
Report on the Duty Implementation of the BoD both organic and inorganic, including the associated capital
expenditure requirements;
Throughout 2025, the BoD members have completed the 7. Demonstrating leadership and overseeing in the
following duties as outlined in the BoD Charter: implementation of corporate actions undertaken during the
financial year; and
1. Conducting regular evaluations of the performance of each 8. Preparing and publishing the Sustainability Report for the
business unit through periodic reports and direct supervision financial year, which has obtained approval from the BoC
activities; prior to issuance.
2. Reviewing the Company’s monthly financial results and overall
business performance on a regular basis and submitting the Competence Development Programs for the BoD
findings to the BoC for their reviews, inputs, and guidance;
3. Holding discussions regarding the Consolidated Financial The Company provides the BoD members the opportunity to
Statements of the Company for the 2025 financial year, which develop their competence and insights to deliver an effective
have been audited by an independent public accountant; management through trainings and education programs. The
4. Holding discussion on the preparation of the 2025 GMSs, Company therefore has set annual budget for relevant trainings
including the determination of the meeting agendas; and/or professional education programs attended by our
5. Holding discussion and finalizing the comprehensive work Directors as a professional group and for the individual member
plan and budget for the 2026 financial year; in accordance with the BoD’s development plan and with respect
6. Formulating and holding discussions on the Company’s to the Company’s agreed budget for the relevant year.
medium-term and long-term business development plans,
In 2025, the BoD members attended the following training
courses:
No. Name of Training Program Organizer
1. WING III - Leading the Way IDX
2. EY Entrepreneurial Winning Women Asia Pacific Annual Conference 2025 - Women business EY Indonesia
leaders networking event
3. Seminar for Publicly Listed Companies in 2025 KSEI
4. Permata Bank Economic Outlook 2026 "Reviving Domestic Growth, Navigating Global Shocks Permata Bank
5. Training Valuation The Company
6. Cybersecurity & Data Privacy Sharing Session The Company and PwC Indonesia
7. Sharing Session on the topic of Agentic AI Brawijaya Healthcare and Xeratic
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Corporate
Governance
PT Saratoga Investama Sedaya Tbk.
Self-Assessment Policy of the BoD performance at the year-end. However, the BoD’s annual self-
assessment will be carried out against the functioning of the
The Company has established a self-assessment policy for BoD and its committee. The Nomination and Remuneration
evaluating the performance of the BoD as part of its continuous Committee is responsible for compiling and reporting annually the
commitment to strengthening the implementation of GCG assessment results containing recommendations and comments
practices. This mechanism suggests the BoD’s performance to from the President Director and President Commissioner and
be evaluated both collectively and individually within the relevant submit them to the BoC for further discussion.
financial year.
Assessment of Performance of the Committee
The assessment is conducted based on criteria aligned with the Under BoD
2025 Annual Report
KPIs that are determined and proposed by the BoD to the BoC
at the beginning of each year. These criteria encompass the As stipulated in the prevailing laws and regulations, the BoD
overall effectiveness of the BoD’s performance, the individual is granted an authority to establish committees, as deemed
contributions of each Director toward the Company’s strategic necessary or appropriate, to ensure effective management
objectives and growth, as well as their efforts in addressing and execution of its duties and responsibilities. During 2025,
identified areas for improvement. Furthermore, the assessment our Investment Committee assisted the BoD by providing
emphasizes the Directors’ commitment to enhancing the professional advice and recommendations in the formulation
quality, integrity, and consistency of the Company’s governance and implementation of the Company’s investment policies and
practices. strategies to ensure their effectiveness, accuracy, and alignment
with corporate objectives. At the end of the financial year, the
In addition, each Director is subject to an evaluation conducted BoD conducted an evaluation of the Investment Committee’s
by the President Director, who assesses their performance performance in accordance with the established criteria and key
and effectiveness in carrying out their respective duties and indicators, including the committee’s commitment to fulfilling
responsibilities in accordance with their designated roles. its duties and responsibilities, attendance and participation in
Meanwhile, the performance of the President Director is meetings, and efforts to enhance its professional capacity. The
evaluated directly by the President Commissioner, using evaluation results suggested that the Investment Committee
the same assessment parameters and criteria applied in the had demonstrated a high commitment and professionalism in its
overall assessment of the BoD performance. This assessment duty performance, particularly through its active contributions
mechanism suggesting a two-tiered process ensures objectivity, to the decision-making process regarding investment strategies
accountability, and alignment with the Company’s governance during joint meetings with the BoD. Furthermore, the Investment
standards and performance expectations. Committee shall also review and assess the adequacy of its
charter on an annual basis and, where necessary, propose
With recommendation from the Nomination and Remuneration revisions or enhancements for BoD’s further review and approval.
Committee, the BoC will conduct an evaluation of BoD
Induction Program for Newly Appointed
Director and/or Commissioner
The Company orchestrates an induction program to ensure that The Corporate Secretary is responsible for facilitating and
the newly appointed members of BoD and/or BoC will be prepared coordinating the induction program in which the new Director
for their duties and responsibilities. An induction program and/or Commissioner will receive information on the following
serves as an essential onboarding process aimed at aligning subjects:
new Directors and Commissioners with the Company’s vision,
mission, and core values while fostering a clear understanding • External relevant regulations (including but not limited to
of its business model, industry landscape, and key regulatory Company Law, Capital Market Law, OJK Regulations, and
frameworks. other relevant regulations).
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
Succession Planning
PT Saratoga Investama Sedaya Tbk.
Nomination Process for the BoD As part of the nomination procedures, the Nomination and
Remuneration Committee will recommend the candidates of the
The Company has established a structured and transparent members of the BoD to the BoC in accordance with the policies
approach to the nomination process for prospective candidates and principles set forth in the BoD Charter. Later, the BoC will
of the BoD. This process is guided by GCG principles and is aimed propose and recommend them at the GMS. Then to ensure an
at ensuring the selection of individuals who possess the requisite accurate nomination plan, the BoD, BoC, or the Nomination and
2025 Annual Report
qualifications, competencies, and integrity to lead the Company Remuneration Committee shall regularly review the succession
effectively. plan to support Saratoga’s developments and needs.
The nomination process is carried out based on recommendations Through this systematic approach, the Company aims to ensure
from the Nomination and Remuneration Committee, which is continuity in our leadership pipeline, maintain organizational
responsible for formulating and implementing a comprehensive stability, and strengthen the long-term sustainability of its
succession plan. This plan outlines the framework and mechanism management and governance structures.
for identifying, developing, and preparing potential successors
for key executive positions within the Company, including Nomination Process for the BoC
the President Director, other members of the BoD, and other
significant leadership roles as deemed necessary by the BoC, the In the nomination process of our BoC member candidates, the
BoD, or the Nomination and Remuneration Committee. Further Company will be guided by the criteria and recommendations
in the nomination process of the Company’s key executives, the from the Nomination and Remuneration Committee. The
President Director shall collaborate with the BoC or the BoD or committee is also responsible for identifying the qualified
the Nomination and Remuneration Committee in identifying the candidates by taking into account the policies and principles set
potential candidates for occupying the strategic positions. forth in the BoC Charter. The BoC will hold discussions to identify
and submit the proposed candidate(s) who will fit the Company's
requirements to the GMS for the shareholders’ approval.
Remuneration Policy and Assessment
on Members of the BoC and the BoD
The Company recognizes and values the dedication, commitment, of their supervisory and advisory functions. Meanwhile, the
and contributions of the BoD and BoC in driving the Company’s determination of remuneration for the BoD members takes into
growth and success. The Company provides competitive and account the Company’s financial and operational performance,
performance-based remuneration packages to appreciate the achievement against approved budgets and business targets, and
fulfillment of their responsibilities, achievements, and alignment benchmarking against the industry peers. This approach ensures
with the Company’s strategic objectives. that the remuneration framework not only rewards performance
but also promotes accountability, motivation, and sustainable
A well-defined mechanism has been established to govern the value creation for the Company and its stakeholders.
determination of remuneration for the Company’s management,
with respect to the recommendations of the Nomination and The BoD is entitled to a remuneration structure which comprises
Remuneration Committee. This Committee is responsible of salaries, other benefits and allowances whereas BoC
for reviewing, evaluating, and proposing the remuneration members are entitled to a remuneration package of honoraria,
structure and components for both the BoC and BoD members, other benefits and allowances. However, our Independent
ensuring that they are fair, transparent, and consistent with best Commissioners in particular, will not receive bonus component in
governance practices. their remuneration structure to preserve the independent status
of the Independent Commissioners.
In determining the remuneration of the BoC members, the
Company considers several factors, including the results of
performance evaluations conducted by the Nomination and
Remuneration Committee, as well as the effective execution
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Corporate
Governance
PT Saratoga Investama Sedaya Tbk.
As decided in Annual GMS resolutions on 25 June 2025, the BoC is authorized to determine the distribution and amount of
shareholders agreed in the total remuneration for all members of remuneration for each BoC member. The GMS has also granted
the BoC of the Company for the financial year of 2025 at the the BoC the authority to determine the salaries, honoraria,
maximum of IDR17,000,000,000 (seventeen billion Rupiah). allowances, and other facilities for the members of the BoD for
Furthermore, based on the recommendations and professional the 2025 financial year.
opinions of the Nomination and Remuneration Committee, the
In 2025, the BoC and BoD were entitled to the following structure and the amount of remuneration detailed out as follows:
Type of Remuneration and Other Facilities Amounts Received by the BoC and the BoD in 2025
2025 Annual Report
Salary & Holiday Allowance 18,955,309,000
Bonus 11,909,824,000
Allowance & Facilities 3,947,563,051
Long Term Incentive Program (Shares) 3,839,000
Apart from the aforementioned remuneration structure, the Deferred and Clawback Remuneration or Bonuses
Company’s Corporate Governance Code regulates that we do
not provide any personal loans to members of the BoC, BoD, or In 2025, the Company confirmed that no remuneration of
other executives at the Director level. the BoC or the BoD was subject to deferral or clawback as no
significant errors or material misstatements were identified in the
Company’s financial statements.
Diversity of the Composition of the BoC and the BoD
The Company is committed to upholding the principles of diversity of decision-making in investment strategies and to ensure the
and inclusion, particularly in identifying the qualified professionals Company’s competitiveness among the industry peers. The
to join its management team. Given the nature of the Company’s Company consistently promotes transparency by disclosing the
business, it is essential to cultivate a broad range of experiences diversity of its management team through the profiles presented
and perspectives among Board members to enhance the quality in the BoC and BoD Profiles section of this 2025 Annual Report.
Disclosure of Affiliation
The Company consistently promotes transparency as part of our of corporate governance, integrity, and accountability. This
regulatory commitment and responsibilities to our stakeholders. disclosure enables shareholders and stakeholders to assess the
One of the principles is implemented by disclosing the information independence and professionalism of the Board members in
on the affiliations, including family or financial relationships carrying out their respective duties and responsibilities. Detailed
among members of the BoC and the BoD. This practice reflects information on these affiliations is presented in the following
the Company’s dedication to maintaining the highest standards table:
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
Family & Financial Relationship with
Name Remarks
BoC BoD Main Shareholders
Edwin Soeryadjaya Yes Yes Yes
Joyce Soeryadjaya Kerr Yes No Yes
Indra Cahya Uno No No Yes
Aria Kanaka No No No Independent
Stephanus Harjanto T No No No Independent
2025 Annual Report
Michael W. P. Soeryadjaya Yes No Yes
Lany Djuwita Wong No No No Independent
Devin Wirawan No No No Independent
Committees Accountable to the BoC
Audit Committee Scope of Duties and Responsibilities
Our BoC has established the Audit Committee to reflect As stipulated in the Audit Committee Charter, the Audit
our adherence to the OJK Regulation No. 55/POJK.04/2015 Committee shall consistently uphold the independence and
concerning the Establishment and Implementation Guidelines integrity principles when performing the following duties:
of the Audit Committee (OJK Regulation No. 55). The Audit
Committee serves a vital role in assisting the BoC to ensure 1. Conducting reviews of the financial information.
the effectiveness of internal control mechanisms, the reliability 2. Ensuring the effectiveness of internal control system.
and integrity of financial reporting, and the independence and 3. Engaging in the selection, recommendation of appointment
quality of external audit processes. Its responsibilities include and supervisory work of Independent Auditors.
providing professional and independent opinions to the BoC 4. Ensuring the Company’s regulatory compliance.
regarding reports or matters submitted by the BoD, reviewing the 5. Conducting reviews of the potential conflict of interest.
Company’s financial statements before being released to public 6. Conducting reviews of risk management.
to ensure compliance with applicable accounting standards, 7. Assessing the third party’s complaint.
while assessing the performance and objectivity of both internal 8. Reviewing the special task implementation assigned by the
and external auditors. BoC.
9. Reviewing and overseeing the implementation of related-
The recommendation from Audit Committee will strengthen the party transactions to ensure that they represent the best
execution of the corporate governance practices, transparency, interests of the Company.
and accountability throughout the Company’s operations. 10. Ensuring the confidentiality of the Company’s data,
information, and documents.
In carrying out its duties, the Audit Committee is guided by
the Audit Committee Charter, which has been approved by the Membership Structure and Term of Office of the Audit
BoC. The Charter outlines comprehensive guidance regarding Committee
the Committee’s structure, composition, authority, and scope
of duties and responsibilities. It serves as a key governance The Audit Committee reports directly to the BoC. As of 31
document that ensures the Committee functions independently December 2025, the Audit Committee consisted of 3 (three)
and objectively in performing its oversight role. Furthermore, members, led by the Chairman of the Committee who concurrently
the Charter specifies the reporting mechanisms, meeting served as the Company’s Independent Commissioner. In
procedures, and evaluation processes of the Audit Committee accordance with the prevailing governance provisions, the term
to maintain accountability and transparency in its performance. of office of the Independent Commissioner who concurrently
serves as a member of the Audit Committee shall not exceed or
To promote transparency and easy access to information, the be longer than his or her tenure as an Independent Commissioner,
Audit Committee Charter is made publicly available on the as determined by GMS and can be re-appointed for 1 (one)
Company’s official website. consecutive period. For other members of the Audit Committee
who are not Independent Commissioners, their term of office
shall not be longer than that of the BoC and they may only be
reappointed by the BoC for 1 (one) consecutive term.
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Corporate
Governance
PT Saratoga Investama Sedaya Tbk.
In 2025, the composition of our Audit Committee changed required expertise and experience relevant to the Company’s
following a change in the BoC’s structure, as determined in business activities. The Company ensured that all Audit
Annual GMS Resolutions dated 25 June 2025. In addition to Committee members are committed to perform their duties with
the appointment of the Independent Commissioner as the Audit independence, objectivity, and the highest level of integrity, in
Committee Chairman, the Company also appointed 2 (two) line with the GCG principles.
professional members from external parties who possess the
The change in the composition of the Audit Committee in 2025 is described in the following table:
Name Designation Period Legal Basis of Appointment
2025 Annual Report
Anangga W. Roosdiono* Chairman 2022-2025 Circular Resolution of the Board of Commissioners dated 1 July 2022
Aria Kanaka** Chairman 2025-2030 Circular Resolution of the Board of Commissioners dated 25 June 2025
Hany Gungoro Member 2025-2030 Circular Resolution of the Board of Commissioners dated 25 June 2025
Basuki Setiogroho Member 2024-2027 Circular Resolution of the Board of Commissioners dated 2 September
2024
Notes:
* Anangga W. Roosdiono served until 25 June 2025.
** Aria Kanaka began serving on 25 June 2025.
The brief profile of Mr. Aria Kanaka is already disclosed in the He kicked off his professional career as a Senior Manager Auditor
Profile of the BoC section of this Annual Report. at PricewaterhouseCoopers Indonesia from 1996 until 2007,
where he gained extensive experience in auditing, due diligence,
Below is the profile of the members of the Company’s Audit and special audit assignments, focusing on sectors like oil and
Committee: gas, energy, and mining.
HANY GUNGORO He holds a degree in Accounting from the State Accounting
Member of the Audit Committee College in 1996 and is also a Chartered Accountant (CA).
An Indonesian citizen, 56 years old. She has been serving as Statement of Independency of the Audit Committee
the member of the Audit Committee of the Company since
July 2022. She concurrently serves as a Partner for PT Paxcis The Company has appointed highly qualified professionals
Identity since 2010. She is certified with a Chartered Financial who possess the necessary competence, experience, and
Analyst (CFA) and Certified Risk Professional (CRP) with more comprehensive knowledge in financial and business matters to
than 30 years of corporate experience, including planning and serve as members of the Audit Committee. In carrying out their
strategy, M&A, IT & Project Management System, and People & duties and responsibilities, all members consistently demonstrate
Organization Development. She holds an accounting degree from a strong professional commitment to perform their roles with
the University of Tarumanagara. integrity, objectivity, and accountability in support of the
Company’s governance framework.
BASUKI SETIOGROHO
Member of the Audit Committee To ensure professionalism in their oversight functions, the
independence of each Audit Committee member is ensured in
An Indonesian citizen, 56 years old. He has been serving as full compliance with the provisions stipulated under the OJK
a member of the Audit Committee of the Company since Regulation No. 55. Our adherence to these provisions guarantees
September 2024. Concurrently, he has been serving as Finance that every member of the Audit Committee remains free from any
Director of PT IMC Pelita Logistik Tbk. since May 2025. Prior to conflict of interest and is able to provide independent, objective,
his role in the Company, he served as Finance Director of PT and professional judgments in executing their supervisory duties.
Samudra Energy BwP Meruap and SDA South Bengara II Pty Ltd.
from 2022 until May 2025. He once served as Head of Financial Audit Committee's Meeting
Reporting of Pexco Energy NV and its subsidiaries from 2011 until
2021, overseeing finance operations across Indonesia, Australia, As stipulated in the Audit Committee's Charter and other
Malaysia and Africa. His role involved managing comprehensive prevailing regulations, the Audit Committee shall convene a
financial operations, including transaction processing, accounting, meeting at least once in 3 (three) months or on quarterly basis.
taxation, and reporting, as well as leading tax audits and PSC cost The Audit Committee shall submit the minutes of meeting to the
recovery audits. Before that, from 2007 until 2011, he was the BoC, which outlines all discussions, decisions and any dissenting
Head of Financial Reporting at PT Medco Energi International opinions. All members of the Audit Committee present at the
Tbk., where he coordinated financial reporting across the group, meeting are required to sign the minutes of meeting as formal
ensuring compliance with both local and international standards. acknowledgment and confirmation of the discussions and
decisions made.
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PT Saratoga Investama Sedaya Tbk.
In 2025, the Audit Committee held 5 (five) meetings with attendance rate at the meetings reported as follows:
Name Designation Number of Meetings Attendance Rate %
Anangga W. Roosdiono* Chairman 3 3 100
Aria Kanaka** Chairman 2 2 100
Hany Gungoro Member 5 5 100
Basuki Setiogroho Member 5 5 100
Note:
* Anangga W. Roosdiono served until the closing of the Annual GMS of the Company on 25 June 2025.
2025 Annual Report
** Aria Kanaka began serving on the closing of the Annual GMS of the Company on 25 June 2025.
Activity Report of the Audit Committee holding entity. The Audit Committee ensured that the
risk management framework was properly integrated into
In 2025, the Audit Committee carried out a number of duties and operational activities and aligned with the Company’s
responsibilities as reported below: governance and internal control systems.
6. Reviewing the performance of the legal and compliance
1. Evaluating the Company’s quarterly and annual financial function, which is managed by the Legal and Corporate
statements on a regular basis prior to their submission Secretariat Division. This division is responsible for ensuring
to OJK and IDX. In these reviews, the Audit Committee that all relevant laws, regulations, and capital market
placed particular emphasis on the appropriateness of requirements are identified, implemented, and communicated
accounting policies—covering recognition, presentation, across the organization. The Audit Committee underscored
and measurement—as well as the adequacy and accuracy of the importance of continuous regulatory compliance as a key
disclosures provided in the notes to the financial statements. component of good corporate governance.
2. Extending professional opinions and recommendations 7. Granting approval to the results of the Audit Committee’s
to the BoC regarding the appointment of the Public 2025 self-evaluation and presenting the Audit Committee’s
Accounting Firm which would be assigned to audit the activity report for submission to the BoC.
Company’s Consolidated Financial Statements for the 8. Granting approval to the meeting schedule and agenda of
financial year ending 31 December 2025. These opinions and the Audit Committee for the 2026 financial year to ensure
recommendations included conducting an evaluation of the structured and consistent oversight activities in line with the
auditor’s independence, competence, and scope of work. Company’s governance plans.
3. Carrying out periodic reviews of the internal audit plan,
findings, and management follow-up actions. The Audit The Company’s BoC has received periodic reports from the
Committee also provided recommendations to strengthen Chairman of the Audit Committee concerning the activities of the
the internal control system and monitored the implementation Audit Committee at the joint meetings with the BoC.
of corrective measures. In addition, the Committee reviewed
and offered input on the adequacy and relevance of the 2026 Training Programs for the Audit Committee
internal audit plan, ensuring its alignment with a risk-based
audit approach. To strengthen the knowledge, skills, and professional capacity of the
4. Reviewing the audit activities conducted by the external Audit Committee, the Company provides the committee members
auditor for the 2024 Financial Statements, which were with an opportunity to join various competency development
completed in mid-March 2025. The Committee also programs, including short courses, seminars, workshops, and other
completed a review of the overall audit plan, audit approach, relevant training activities. These initiatives are aimed at enhancing
and the independence of the external auditor to ensure the Committee’s understanding of emerging issues in finance,
objectivity and compliance with professional auditing governance, risk management, and regulatory compliance to
standards. better support their oversight functions.
5. Evaluating the Company’s risk management strategy
and monitoring the implementation of risk management Throughout 2025, the Audit Committee's members have attended
initiatives tailored to the Company’s nature as an investment in the following training and development programs:
Name of Training Program Organizer
Training on C Brevet Applied Tax Institute of Indonesia Chartered Accountants
(IAI)
KPMG Board Governance Forum 2025: Overview of new accounting standard PSAK 118 Siddharta Widjaja & Rekan (a member of
Presentation and Disclosure in Financial Statements and Top geopolitical risk for 2025 KPMG global network)
83
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Corporate
Governance
Nomination and Remuneration
PT Saratoga Investama Sedaya Tbk.
3. The determination of remuneration for members of the
Committee BoC, BoD and strategic positions in the management of the
Company.
The Nomination and Remuneration Committee was established
with reference to the OJK Regulation Number 34/POJK.04/2015 Membership Structure and Term of Office of the Nomination
concerning the Nomination and Remuneration Committee, to and Remuneration Committee
assist the BoC in determining and overseeing the nomination
process and remuneration policies for the members of the BoC, The Nomination and Remuneration Committee is held
BoD, and senior management of the Company. accountable to the BoC. As of 31 December 2025, the Nomination
and Remuneration Committee consisted of 3 (three) members,
2025 Annual Report
In addition, the Nomination and Remuneration Committee is chaired by the Chairman of the Committee, who concurrently
also responsible for formulating and reviewing the Company’s served as the Company’s Independent Commissioner, to ensure
performance evaluation processes, succession planning independence and objectivity in its decision-making processes.
framework, professional development programs, and Human The other two members include the President Commissioner
Resource (HR) management policies. The implementation of and a senior management representative holding a managerial
these responsibilities will ensure that the Company continuously position under the BoD, responsible for overseeing the HR
fosters competent leadership, maintains a sustainable talent function. This balanced composition reflects the Company’s
pipeline, and upholds fair and transparent HR practices in commitment to maintaining independence, leadership insight,
alignment with the Company’s strategic objectives. and operational expertise within the Committee, thus facilitating
alignment between the Company’s governance framework and
Charter of the Nomination and Remuneration Committee its long-term strategic objectives.
We have established the Nomination and Remuneration In line with applicable regulations, the term of office of the
Committee Charter to regulate the structure, membership as member of the BoC who concurrently serves as a member of the
well as scope of duties and responsibilities of the Nomination Nomination and Remuneration Committee shall not exceed his or
and Remuneration Committee. To promote transparency, this her tenure as a member of the BoC, as determined by the GMS,
Charter, which was approved by the BoC, is made accessible to and can be reappointed for the next period.
the public on the Company’s official website.
Meanwhile, for the Committee members who is not member of
Scope of Duties and Responsibilities the BoC, their term of office may not exceed that of the BoC
as stipulated in the Company’s Articles of Association and they
The Nomination and Remuneration Committee continuously can be reappointed for the next period. This stipulation ensures
upholds the independence and integrity principles in fulfilling continuity, stability, and renewal of the Committee’s composition,
their duties and responsibilities. In principle, the Nomination while safeguarding compliance with good corporate governance
and Remuneration Committee is responsible for providing practices and maintaining the Committee’s effectiveness in
professional and independent opinions and recommendations fulfilling its duties and responsibilities.
to BoC with respect to the GCG principles on systems and
procedures relating to:
The composition of the Nomination and Remuneration
1. The succession plan of the members of the BoC, BoD, and Committee underwent a change pursuant to the change in BoC’s
the executives to fill strategic positions in the management structure, as determined by Annual GMS Resolutions on 25 June
of the Company. 2025. Below is the structure of Nomination and Remuneration
2. The identification and nomination of candidates for Committee as of 31 December 2025:
members of the BoC, BoD and the strategic positions in the
management of the Company.
Name Designation Period Legal Basis of Appointment
Anangga W. Roosdiono* Chairman 2022-2025 Circular Resolution of the Board of Commissioners dated 1 July 2022
Aria Kanaka** Chairman 2025-2030 Circular Resolution of the Board of Commissioners dated 25 June 2025
Edwin Soeryadjaya Member 2025-2030 Circular Resolution of the Board of Commissioners dated 25 June 2025
Handianto Ganis Member 2025-2030 Circular Resolution of the Board of Commissioners dated 25 June 2025
Note:
* Anangga W. Roosdiono served until the closing of the Annual GMS of the Company on 25 June 2025.
** Aria Kanaka began serving since the closing of the Annual GMS of the Company on 25 June 2025.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
The brief profiles of Mr. Aria Kanaka and Mr. Edwin Soeryadjaya principles of integrity, professionalism, and independence in the
are already disclosed in the Profile of the BoC section of this execution of their duties and responsibilities.
Annual Report.
The Nomination and Remuneration Committee serves its
The profile of Mr. Handianto Ganis is presented below: functions objectively and independently, free from any form of
interference or influence from any parties. The committee has
HANDIANTO GANIS a firm commitment to prevent any actions or circumstances
Member of the Nomination and Remuneration Committee that could lead to conflicts of interest, ensuring that all
recommendations and decisions are made solely in the best
An Indonesian citizen, 74 years old. He has been serving as a interest of the Company and its stakeholders.
2025 Annual Report
member of the Nomination and Remuneration Committee of the
Company since April 2013. Nomination and Remuneration Committee Meeting
He earned a Bachelor’s degree in Business Administration and In accordance with the Nomination and Remuneration
Accounting from California State University, Los Angeles, and a Committee Charter, the Nomination and Remuneration
Master of Business Administration (MBA) from the University of Committee is required to convene meetings at least once every
Southern California, Los Angeles. 4 (four) months, and may hold additional meetings as deemed
necessary to address specific matters requiring immediate
Statement of Independency of the Nomination and attention. These meetings serve as an essential forum for the
Remuneration Committee Committee to deliberate on various strategic and operational
issues related to the Company’s governance of human capital,
The Company has appointed qualified and experienced remuneration, and performance evaluation. During the meetings,
professionals to serve as members of the Nomination and the Committee also conducts thorough discussions and
Remuneration Committee. All members meet the eligibility criteria formulates recommendations concerning the structure, amount,
stipulated in the Nomination and Remuneration Committee and composition of remuneration packages for the members of
Charter as well as in the prevailing laws and regulations. Beyond the BoC and the BoD. The committee will include the meeting
these requirements, each member strongly upholds strong agenda and the results in its activity reports.
Throughout 2025, the Nomination and Remuneration Committee met 3 (three) times, with the attendance rate at each of the meetings
as follows:
Name Designation Number of Meetings Attendance Rate %
Anangga W. Roosdiono* Chairman 1 1 100
Aria Kanaka** Chairman 2 2 100
Edwin Soeryadjaya Member 3 3 100
Handianto Ganis Member 3 3 100
Note:
* Anangga W. Roosdiono served until the closing of the Annual GMS of the Company on 25 June 2025.
** Aria Kanaka began serving since the closing of the Annual GMS of the Company on 25 June 2025.
Activity Report on Nomination and Remuneration Committee 4. Implementing an assessment process for the employees of
the Company.
Throughout 2025, the Nomination and Remuneration Committee 5. Approving the implementation of the Long-Term Incentive
has completed a number of duties. The Committee has held Program (LTIP).
management discussions where it provided feedback, evaluation, 6. Submitting proposal for the 2025 remuneration and annual
and recommendations for BoD, BoC, and other key positions in bonuses for the Commissioners and Directors of the
the Company through: Company.
7. Approving the results of self-evaluation of the Nomination
1. Reviewing the profiles and salaries of the employees of the and Remuneration Committee’s performance & activity
Company. reports for the 2025 financial year.
2. Formulating and monitoring of the KPIs of the Company, the
BoC, the BoD and the employees of the Company. The Company’s BoC has received periodic activity reports from
3. Monitoring HR management activities, i.e., recruitment the Chairman of the Nomination and Remuneration Committee
processes for managerial levels and above. at the joint meetings with BoC.
85
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Corporate
Governance
PT Saratoga Investama Sedaya Tbk.
Training Programs for the Nomination and Remuneration seminars, workshops, and other relevant training activities to
Committee better support their duty performance.
To strengthen the knowledge, skills, and professional capacity of Throughout 2025, the Nomination and Remuneration Committee
the members of Nomination and Remuneration Committee, the members have attended the following training and development
Company provides them with an opportunity to join in various programs:
competency development programs, including short courses,
Name of Training Program Organizer
2025 Annual Report
Cybersecurity & Data Privacy Sharing Session The Company and PwC Indonesia
Assessment on the Committees Accountable
to the BoC
To ensure accountability and continuous improvement, the enhancement, and attendance as well as active participation in
BoC has conducted an annual performance evaluation of each meetings.
committee under its supervision–the Audit Committee and the
Nomination and Remuneration Committee. This assessment In addition, the BoC considered the committees’ responsiveness
was carried out based on the specific duties and responsibilities to emerging governance and regulatory issues, their consistency
assigned to each committee as outlined in their respective in upholding independence and objectivity, and their role in
charters. The evaluation process considered both quantitative promoting transparency and accountability across the Company.
and qualitative aspects, ensuring a comprehensive assessment
of the committee’s effectiveness in fulfilling their mandates. Pursuant to the assessment results for 2025, the BoC concluded
that both the Audit Committee and the Nomination and
The performance of the committees was assessed by comparing Remuneration Committee had demonstrated commitment to
the actual performance achievements against the annual work an effective duty performance with respect to the applicable
plans and KPIs that were established and mutually agreed upon laws, regulations, and internal governance policies. The BoC
between each committee and the BoC. The assessment criteria commended the committees for their proactive efforts,
include, among others, the achievement of annual objectives, the professional judgment, and constructive contributions toward
quality and timeliness of reports and recommendations submitted strengthening the Company’s governance framework and
to the BoC, the level of contribution to corporate governance supporting sustainable business performance.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
Committees Accountable to the BoD
PT Saratoga Investama Sedaya Tbk.
Investment Committee Duties and Responsibilities
Considering the nature and strategic focus of the Company Investment Committee is required to provide professional and
as an active investment holding entity, the BoD recognizes independent opinions and recommendations as well as advise
the importance of establishing an Investment Committee to BoD in accordance with the GCG principles, including on issues
support the BoD in planning, formulating, and executing the relating to the following:
Company’s investment and divestment policies and strategies.
2025 Annual Report
The establishment of this committee reflects the Company’s a. Design and implementation of systems and procedures
commitment to maintain disciplined, transparent, and well- related to investment and divestment activities of the
governed decision-making processes in managing its investment Company.
portfolios. b. Design and implementation of systems and procedures
related to monitoring the performance of the Company’s
The Investment Committee serves a central role in ensuring associated companies as well as its subsidiaries (the investee
that every investment and divestment decision aligns with companies).
the Company’s long-term strategic objectives and overall c. Design and implementation of systems and procedures
sustainability goals. Its responsibilities include identifying and that allow active monitoring towards the risk profile of the
evaluating potential investment opportunities, monitoring the Company arising from the Company’s investment activities.
performance of existing portfolio companies, and recommending
divestment actions when deemed necessary to optimize returns The composition, roles and responsibilities of the Committee are
and portfolio balance. The Committee also provides strategic detailed in the Investment Committee charter.
insights and analyses to assist the BoD to uphold a future-
oriented investment approach that fosters sustainable value Membership Structure and Term of Office of the Investment
creation for shareholders. Committee
To support its effective duty performance, the Investment Being held accountable to BoD, as of 31 December 2025, the
Committee is empowered to make independent investment and Investment Committee comprised of 4 (four) members, in which
divestment decisions for transactions with a value of up to 10% the President Commissioner of the Company himself acted as
(ten percent) of the Company’s equity. This authority enables the the Investment Committee Supervisor and President Director
committee to act swiftly and decisively in capturing strategic acted as the Chairman of the Investment Committee. The
opportunities, while ensuring that all actions remain within the Commissioner serving as the Investment Committee Supervisor
governance boundaries established by the BoD. should not hold that position beyond his or her term of office
on the BoC. However, they can be reappointed for another term.
In addition, the Investment Committee performs its duties
and responsibilities with due respect to the Investment In the meantime, the term of office for Investment Committee
Committee Charter, which serves as a guideline governing the members who concurrently serve as a member of the BoD should
Committee’s structure, composition, authority, duties, and also not be longer than his or her term of office as the member of
reporting mechanisms. The Charter explicitly outlines the roles the BoD. They can be reappointed for another term.
and responsibilities of the members, meeting procedures, and
coordination mechanisms with other governance bodies to Meanwhile, the Investment Committee's Member who is not a
ensure accountability and alignment with corporate objectives. member of the BoC or BoD of the Company, their term of office
Approved by the BoD, the Charter underscores the principles will not exceed 1 (one) year and can be reappointed if the BoD
of transparency, prudence, and integrity in every investment- and BoC deemed it necessary.
related decision.
Below is the composition of the Investment Committee's
To ensure transparency and stakeholder engagement, the members as of 31 December 2025:
Investment Committee Charter is publicly accessible through the
Company’s official website.
Name Designation Period
Edwin Soeryadjaya Supervisor 2025-2030
Michael W. P. Soeryadjaya Chairman 2025-2030
Lany Djuwita Wong Member 2025-2030
Devin Wirawan Member 2025-2030
The brief profiles of each member of the Investment Committee are disclosed in the Profile of the BoC and the BoD section of this 2025
Annual Report.
87
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Corporate
Governance
PT Saratoga Investama Sedaya Tbk.
Independence of the Investment Committee long-term objectives, risk management framework, and GCG
principles.
Each member of the BoD and the BoC who concurrently serves
as a member of the Investment Committee is required to Investment Committee's Meeting
consistently uphold the principles of independence, integrity,
and professionalism. In carrying out their roles, they are expected As stipulated in the Investment Committee's Charter, our
to act objectively and free from any conflict of interest to Investment Committee may hold a meeting every 3 (three)
ensure that all recommendations and decisions are made solely months and hold additional periodic meetings (as necessary)
for the best interest of the Company and its shareholders. with the Company’s division or operating units responsible for
These members serve a crucial role in assisting the BoD in carrying out investments, tracking investment performance and
2025 Annual Report
formulating strategic investment decisions, evaluating potential that of investee companies, and overseeing investment risk.
and existing investments, and monitoring the performance of
investee companies. Through their active participation, they help In 2025, the Investment Committee held a total of 4 (four)
ensure that every investment activity aligns with the Company’s meetings with the attendance rate at each of the meetings as
follows:
Name Designation Number of Meetings Attendance Rate %
Edwin Soeryadjaya Supervisor 4 4 100
Michael W. P. Soeryadjaya Chairman 4 4 100
Lany Djuwita Wong Member 4 4 100
Devin Wirawan Member 4 4 100
Investment Committee's Activities 4. Carrying out quarterly assessments of reports identifying and
evaluating the Company’s risk profile in relation to its capital
Our Investment Committee serves a pivotal role in formulating, structure, portfolio composition, and exposure within the
executing, and supervising the Company’s investment and investee companies, to ensure effective risk management
divestment policies and strategies to ensure alignment with and financial sustainability.
Saratoga’s long-term vision and value creation objectives. 5. Performing ongoing evaluations of each investment
The Committee is responsible for providing comprehensive to verify its alignment with the Company’s established
assessments, strategic recommendations, and oversight to investment strategies and to ensure continued compliance
ensure that all investment decisions are made prudently, with the Company’s objectives, governance standards, and
transparently, and in accordance with the Company’s risk performance expectations.
management framework and governance principles.
Training Programs for the Investment Committee
Throughout 2025, the Investment Committee actively has
completed a series of activities aimed at optimizing portfolio Our commitment to the capacity and capability development
performance and ensuring the sustainability of investment of the Investment Committee's members is included in the
returns. The details of the activities conducted in the year are information on the training programs for BoD and BoC, which are
reported as follows: available in this chapter.
1. Providing strategic advice and recommendations to the BoD Assessment of the Investment Committee
regarding the Company’s investment policies and strategies,
including but not limited to determining investment criteria, The BoD concluded that the Investment Committee had
evaluating potential opportunities, and assessing the demonstrated a high commitment to an effective duty
corresponding risk profiles. implementation throughout 2025 in accordance with its mandate.
2. Reviewing and evaluating all investment proposals submitted The Committee served an instrumental role in formulating,
to the BoD, followed by the formulation of well-substantiated enhancing, and implementing robust systems and procedures
recommendations on whether such proposals should be that govern the Company’s investment and divestment
approved or declined, based on financial, strategic, and risk activities. The implementation of its duty not only ensures that
considerations. all investment-related decisions were made in a structured,
3. Conducting comprehensive quarterly analyses and reviews transparent, and accountable manner, but that they also align
of reports detailing the Company’s overall investment well with the Company’s strategic priorities and risk management
performance as well as the performance of each investee framework.
company, serving as a key reference for the BoD in making
informed investment decisions.
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In addition, the Investment Committee conducted active monitoring over the execution of the approved investment and divestment
plans, evaluated the performance of existing portfolios, and ensured compliance with the Company’s internal policies as well as prevailing
regulations. Its professionalism and strategic insights indeed have contributed to the implementation of sound investment governance
and empowered progress in the accomplishment of the Company’s long-term value creation objectives.
Corporate Secretary
2025 Annual Report
Our Corporate Secretary serves a significant role in ensuring
Saratoga’s adherence to regulatory compliance. Beyond its main
responsibility, the Corporate Secretary also serves as a key liaison
in fostering effective communication between the Company and
its stakeholders. This includes ensuring that stakeholders have
equitable access to corporate information and upholding the
Company’s commitment to transparency through the timely and
accurate disclosure of information to both regulators and the
public.
Pursuant to BoD Circular Resolution dated 17 July 2016, which
was lastly restated through the BoD Circular Resolution dated 9
June 2022, the Company has appointed Mrs. Sandi Rahaju, Head
of the Legal and Corporate Secretariat division, to serve as the
Company’s Corporate Secretary.
Profile of Corporate Secretary
SANDI RAHAJU
An Indonesian citizen, 57 years old, domiciled in Jakarta.
Currently, she is also entrusted to serve as the Head of the
Legal and Corporate Secretariat Division of the Company. The
Company has designated her to manage the Corporate Secretary Scope of Duties and Responsibilities
function since July 2016. Prior to her role as the Head of Legal
and Corporate Secretariat division of the Company, Sandi Rahaju The Corporate Secretary will report directly to the President
was a member of the Audit Committee of PT Selamat Sempurna Director. Her role as the Corporate Secretary has required her to
Tbk., and a member of the Audit Committee of PT Mitra complete the following duties:
Investindo Tbk. Before joining the Company in 2007, she once
pursued a professional career of more than 15 (fifteen) years in 1. Providing recommendations concerning the implementation
a few corporations, such as Taisei Corporation, an international of GCG principles.
construction company, PT Kideco Jaya Agung, an Indonesian coal 2. Administering regular and incidental reports to the capital
mining company as well as in a couple of law firms in Indonesia, market authority.
i.e., Pelita Harapan Law Firm and finally, Hendra Soenardi. Sandi 3. Working closely with other divisions in the Company to
Rahaju earned her Doctorate degree in Juridical Science (S.J.D.) provide the management with information on the latest
from the University of Technology Sydney in 2007. changes and developments in capital market regulations.
4. Overseeing the regular and proper implementation of GMS,
the BoD and the BoC meetings.
5. Providing timely information about the Company’s
performance to the shareholders.
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Corporate Secretary’s Activities in 2025 4. Providing regular and incidental reports to OJK and IDX as
required by the prevailing capital market regulations.
Throughout 2025, the Corporate Secretary has completed her 5. Holding Annual GMS and Extraordinary GMS collectively.
duties and responsibilities which included the following: 6. Organizing BoC and BoD meetings, press conferences, public
expose, analyst meetings, and media coverage activities with
1. Engaging in official correspondences and meetings with Corporate Communication & Sustainability Division.
OJK and IDX as the respective financial and capital market 7. Conducting other assignments from the BoD.
regulators.
2. Participating in seminars, conferences and workshops held by Competence Development Program for the
OJK, IDX, Indonesian Public Listed Companies Association, Corporate Secretary
2025 Annual Report
and Indonesia Corporate Secretary Association (ICSA).
3. In collaboration with Investor Relations and Corporate The Company focuses intently on to the continuous capacity
Communication & Sustainability Divisions, she facilitated development of its Corporate Secretary’s capabilities.
the dissemination of the Company’s business updates to Accordingly, in 2025, she was provided with opportunities to
the public through press releases, the official Company’s participate in various training sessions and seminars aimed at
website, and by responding to data and information requests. enhancing her professional skills and knowledge. These included:
Name of Training Program Organizer
In-depth discussion of OJK Regulation No. 29/POJK.04/2016 concerning Annual Reports of Issuers or Public ICSA
Companies and OJK Regulation No. 51/POJK.03/2017 on the Implementation of Sustainable Finance for Financial
Services Companies, Issuers, and Public Companies
Socialization of OJK Regulation No. 45 of 2024 concerning the Development and Reinforcement of Issuers and OJK
Public Companies
Navigating ESG Challenges through Strengthening Good Corporate Governance Policies ICSA
The Role of Corporate Secretaries in Promoting Good Governance, Risk Management, and Compliance (GRK) ICSA
In-depth Discussion of OJK Regulation No. 29 of 2023 concerning the Buyback of Shares Issued by Public ICSA
Companies
Implementation and Understanding of OJK Regulation No. 14 of 2025 concerning the Implementation of AEI and OJK
Electronic General Meetings of Shareholders, General Meetings of Bondholders, and General Meetings of Sukuk
Holders
Socialization of OJK Regulation No. 14 of 2025 concerning the Implementation of Electronic General Meetings OJK
of Shareholders, General Meetings of Bondholders, and General Meetings of Sukuk Holders.
Material of GRI 102 Climate Change and GRI 103 Energy Topic Standards Seminar IDX
IDX Green Equity Designation Initiative IDX and BATS Consulting
In-depth Discussion of OJK Regulation No. 9 of 2025 concerning Dematerialization of Equity Securities and ICSA and OJK
Management of Unclaimed Assets in Capital Market
IFRS 1 & 2 Update and Practical Insights for Public Companies ICSA
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Internal Audit Unit
PT Saratoga Investama Sedaya Tbk.
Pursuant to the OJK Regulation No. 56/POJK.04/2015 concerning 7. Monitoring, analyzing, and reporting the follow-up actions as
the Establishment and Guidelines for the Formulation of an recommended.
Internal Audit Charter, Internal Audit Unit was established to 8. Evaluating the quality of the internal audit works on periodical
reflect the Company’s commitment to upholding sound corporate basis in carrying out the audit program.
governance principles. The Internal Audit Unit plays a vital role in 9. Coordinating with other assurance functions (such as legal,
assisting both the BoD and BoC in ensuring the adequacy and risk management, external auditor) to optimize the assurance
2025 Annual Report
effectiveness of internal control systems implemented across all on the process of governance, risk management and control
areas of the Company’s operations and financial management. of the Company.
10. Undertaking special audits whenever necessary.
In carrying out its mandate, the Internal Audit Unit is entrusted
to serve a scope of responsibilities which include conducting Internal Audit Unit Structure
independent and objective evaluations of the Company’s business
processes, risk management practices, and control systems. It To ensure the effective execution of its functions, the Internal
provides professional and impartial opinions to management Audit Unit is structured with a team of highly competent and
regarding the Company’s compliance with prevailing laws, experienced professionals possessing strong technical expertise
regulations, and internal policies. Through these functions, in auditing, finance, and business processes. The Unit is led by
the Internal Audit Unit contributes to the establishment of a a Head of Internal Audit with a solid background in finance and
transparent, accountable, and well-managed organization. accounting, ensuring a comprehensive understanding of the
Company’s operational and financial dynamics.
To ensure optimal performance and credibility, the Internal Audit
Unit has established a comprehensive organizational structure In accordance with the Decree issued by the President Director
composed of qualified professionals with the necessary expertise on 10 April 2025, which has also received approval from the
and experience in auditing and risk management. BoC as per the BoC Circular Resolution of the same date, the
Company has appointed Mr. Wiryanto as the Head of Internal
Charter of the Internal Audit Unit Audit. In carrying out his duties, he is assisted by a Junior Auditor
who has a complementary set of educational qualifications,
For an effective duty implementation of the Internal Audit technical skills, and professional experience, enabling the unit to
Unit, we have established an Internal Audit Charter. The charter perform independent and effective audit functions in alignment
regulates the structure, membership, scope of duties as well as with the Company’s governance and compliance objectives.
the reporting mechanism of the Internal Audit Unit. We have
made the Internal Audit Charter available for public access Profile of the Head of Internal Audit
through the Company’s official website.
WIRYANTO
Scope of Duties and Responsibilities Head of Internal Audit Unit
The Company requires all members of the Internal Audit Unit An Indonesian citizen, aged 41, Mr. Wiryanto holds a Bachelor’s
to consistently demonstrate independence and high integrity degree in Accounting from Trisakti School of Management,
principles in performing the following duties: Jakarta. He has been serving as the Company’s Head of the
Internal Audit Unit since 10 April 2025.
1. Developing a flexible annual risk-based internal annual audit
plan. He commands over 15 years of professional expertise, with a
2. Performing the audit works in line with the audit plan and specialized focus on the automotive and property sectors. His
assesses the efficiency and effectiveness of investment, distinguished career includes a significant tenure as Senior
portfolio management, information technology, and other Internal Auditor at Sinarmas Land.
activities.
3. Reviewing and evaluating the implementation of internal
control and risk management systems to ensure their
compliance with the Company’s policies.
4. Providing advice on improvements and objective information
on the activities being audited at every level of management.
5. Preparing an audit report and submitting the report to the
BoD, BoC, and the Audit Committee.
6. Collaborating with the Audit Committee.
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Competency Development Program for the Internal Audit Unit
To develop knowledge, insights and competence, our Internal Audit Unit has attended the following training activities throughout 2025:
Name of Training Program Organizer
Fraud of Investigator Revolution Mind Indonesia
Legal Auditor Revolution Mind Indonesia
Establishing an effective technique for IA Institute of Internal Auditors (IIA)
2025 Annual Report
Internal Audit Unit's Activity Report
Throughout 2025, the Internal Audit Unit conducted 10 (ten) During 2025, the Internal Audit Unit convened 4 (four) meetings
regular audit and follow-up activities covering key functional with the Audit Committee as part of its ongoing commitment to
areas, including Investment, Portfolio Management, General strengthening the Company’s internal control environment and
Affairs, Finance, Accounting, and Tax divisions. These activities governance framework. Through these meetings, the Internal
were aimed at ensuring the adequacy of internal controls, Audit Unit presented audit findings and provided comprehensive
compliance with Company’s policies, and the overall effectiveness recommendations and improvement plans aimed at enhancing
of operational processes. operational efficiency, compliance, and accountability across all
business functions. The discussions encompassed topics such
Beyond its core audit functions, the Internal Audit Unit also as process optimization, control enhancements, risk mitigation
provided advisory support and recommendations pertaining strategies, and follow-up mechanisms to ensure the timely
to the business processes of the Company’s investee entities. implementation of corrective actions. The unit also highlighted
This included assistance the investee companies in establishing key areas requiring management’s attention and follow-up
robust internal control systems and implementing GCG principles actions by the BoD and BoC.
to mitigate strategic, compliance, and operational risks, while
enhancing efficiency and accountability in their operations.
Investor Relations
The Company has established an Investor Relations (IR) division financial statements, press releases, investor presentations, and
as a function dedicated to facilitating a transparent and effective other material disclosures through the Company’s official website
communication between investors, shareholders, and the and other public channels. By doing so, the IR division provides
Company’s management. The IR division plays a strategic role shareholders, analysts, and other key capital market participants
in maintaining the confidence of the investment community by with reliable and easily accessible information that supports fair,
ensuring that all relevant stakeholders are well informed about the informed, and data-driven investment decisions.
Company’s financial performance, operational developments, and
strategic direction, which can be used as the important reference Throughout 2025, the IR division conducted disclosures of
for the shareholders and other key players in capital market to material information directly to investors and key players in the
make fair decisions regarding their investments in the Company. capital market, including the financial analysts. They were also
Directly reporting to the Investment Director, the IR division granted an opportunity to hold direct meetings with Directors
establishes a close coordination with the Legal and Corporate of the Company by way of one-on-one and group meetings.
Secretariat division as well as the Corporate Communication & The Company has fulfilled its obligation in conducting a Public
Sustainability division to consistently promote positive corporate Expose for the 2025 financial year by submitting the material of
image. Together, these divisions ensure that the Company the Public Expose along with its Financial Statements to the IDX
fulfills its obligations for transparency and accountability to the according to the prevailing regulations of the IDX, as part of the
public, particularly in compliance with prevailing capital market implementation of the transparency principle and GCG principles.
regulations and best practices of corporate governance.
Within the scope of its responsibilities, the IR division is
tasked with preparing and disseminating timely, accurate, and
comprehensive information about the Company’s business
activities and performance. This includes the publication of
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Corporate Communication
PT Saratoga Investama Sedaya Tbk.
Saratoga’s Corporate Communication & Sustainability Division 2025 Highlights
serves a strategic pillar in shaping, maintaining, and strengthening
the Company’s reputation and accountability. The division Throughout 2025, this division actively led public relations
manages all aspects of internal and external communication, programs, corporate events, CSR initiatives, and ESG activities,
ensuring that every message reflects the Company’s vision, underscoring the Company’s commitment to transparency,
values, and commitment to sustainable growth. responsible business practices, and meaningful engagement
2025 Annual Report
with stakeholders and communities. Through these initiatives,
Beyond communication, the division leads the formulation this division not only strengthened the Company’s corporate
and implementation of ESG strategies. By integrating ethical, reputation, but also reinforced its dedication to creating
environmental, and social responsibilities into business practices, sustainable value and delivering impactful benefits for its
this division ensures alignment with regulatory standards and stakeholders.
global best practices.
Below are the key programs and activities carried out during the
Through proactive media engagement, transparent disclosure, year, including:
and strategic reputation management, the division effectively
communicates the Company’s achievements, initiatives, and • Strengthening Public Communication and Transparency
values to key stakeholders—including investors, business Saratoga reaffirmed its open, transparent and accountable
partners, regulators, and the public. These efforts are communication with all stakeholders through the submission
complemented by impactful Corporate Social Responsibility of information disclosures to the capital market authorities.
(CSR) programs that create long-term positive impacts on the
communities we serve. • Enhancing Corporate Events and Reputation
The Company successfully strengthened its reputation and
Internally, this division strengthens employee engagement and stakeholder engagement by executing a series of impactful
ensures seamless communication of policies and strategies corporate events and initiatives;
across all levels of the organization. This consistent, transparent,
and responsible approach builds strong brand equity, reinforces • Keeping Stakeholders Informed
our commitment to sustainability and good governance, and The Company delivered timely, accurate updates on
cultivates mutual trust and credibility with stakeholders. performance and activities through press releases, official
announcements, and the Company's website.
Key Responsibilities
• Driving Meaningful CSR and Community Engagement
The Corporate Communication & Sustainability Division focus on Through CSR and CID programs, the Company continued
five core areas: to empower communities and contributed to social well-
being, creating positive, long-term impacts beyond business
1. Strategic Publications: Developing and executing strategies operations.
for investors, the financial community, and the public to build
a strong and respected corporate reputation. • Advancing ESG Roadmap and Sustainability Goals
2. Media & Advertising Strategy: Crafting mass media Saratoga introduced strategic sustainability initiatives focus
advertising strategies that highlight both financial and non- on responsible growth, environmental stewardship, and
financial achievements, reinforcing a positive and credible stronger governance practices, advancing the Company’s
corporate image. ESG roadmap.
3. Accessible & Transparent Information: Ensuring all
Company’s publications and website provide accurate, Through consistent efforts of promoting open communication,
timely, and easily accessible information in a clear and user- meaningful community partnerships, and sustainable business
friendly format. excellence, Saratoga further strengthened its position as a
4. ESG Strategies & Initiatives: Driving the Company’s ESG proactive, transparent, and socially responsible corporate citizen.
agenda by integrating sustainability principles into business
strategies and fostering responsible corporate practices
aligned with global standards.
5. CSR & Community Engagement: Designing and implementing
impactful CSR and Community Involvement & Development
(CID) programs that demonstrate the Company’s
commitment to social well-being and sustainability.
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Corporate
Governance
Other Corporate Governance Information
PT Saratoga Investama Sedaya Tbk.
Access to Information and Company Data To adhere to the capital market regulations on the information
disclosure, the Company has a strong commitment to ensuring
The Company’s stakeholders are given the priority to access to that all material information and facts are reported accurately,
corporate data to enhance internal and external communication timely, and transparently. Such disclosures are submitted
and transparency. Through the distribution of relevant through both formal letters and the electronic reporting
information, we aim to foster understanding and trust among our systems managed by OJK and IDX. To also ensure accessibility
2025 Annual Report
stakeholders in our policies and activities. Company’s updates are and equal information for all stakeholders, these disclosures
made available in both Indonesian and English language on our are publicly available through the electronic reporting system
website: www.saratoga-investama.com. on the IDX's website (www.idx.co.id), allowing stakeholders to
obtain comprehensive and up-to-date information regarding the
Company’s performance, corporate actions, and other significant
developments.
Other Corporate Governance Information
Throughout 2025, the Company has released the following reports to reflect its transparency responsibility:
External Reports Frequency
Reports to OJK & IDX 44
Annual Report 1
Sustainability Report 1
Report on Distribution of Press Releases
Date Title
12 March 2025 Saratoga Posts Solid Performance in 2024
25 June 2025 Saratoga Distributes Dividends and Announces New Commissioners
30 July 2025 Portfolio Companies Deliver Solid Growth, Saratoga’s NAV Reaches IDR53.99 Trillion in the First Half of
the Year
Administrative Sanction Conduct was formally updated and approved by both the BoC
and the BoD on 26 June 2025.
In 2025, the Company was not subject to administrative sanction
that was imposed on the Company by either IDX or OJK. The Company’s commitment to upholding sound business ethics
in all aspects is founded on the following principles:
Legal Case
• Respecting the rule of laws and regulations in the Republic of
We ensure that throughout 2025, neither the Company nor Indonesia, and showing respect for human rights;
any members of the BoC or BoD were involved in any legal • Managing the financial and operational performance to
proceedings with potential adverse impact on the Company or maximize the Company’s long-term value for its shareholders
exposed it to material risks. while taking into account the interests of stakeholders;
• Conducting business with integrity and fairness, renouncing
Code of Conducts bribery and corruption or similar unacceptable business
practices, and not giving or accepting gifts and entertainment
The Company’s Code of Conduct reflects our firm commitment unless they fall under business custom, are immaterial and
to upholding the highest standards of ethical behavior. It serves infrequent;
as a guideline to promote integrity, encourage ethical conduct, • Creating mutual advantage in all Company’s relationships to
enforce sanctions against any form of misconduct, and foster build and maintain trust; and
a culture of ethics throughout the organization. The Code of
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• Demonstrating respect for the community where the 1. A disciplined and structured internal control environment
Company operates in, as well as for the natural environment. within the Company.
2. Assessment and management of business risks, which include
We require the BoD, BoC, and all employees across every level of assessment of acceptable risk levels and identification of risk
the organization to consistently apply the Code of Conduct. We severity.
ensure that each individual in the Company consistently upholds 3. Control activities.
and adheres to the principles set forth in the Code of Conduct 4. Information system and communication which involves
when engaging with both internal and external stakeholders. the exchange of information between employee(s) and the
This includes maintaining professionalism, integrity, and Company to provide inputs for the decision making.
accountability in all business interactions and decision-making 5. Monitoring.
2025 Annual Report
processes. We also require all members of the BOC and BOD, as
well as the employees to act in accordance with the Company’s Internal Control Objective
internal policies, prevailing laws and regulations, and the highest
standards of ethical business conduct. The implementation of an effective internal controls is expected
to provide our management with reasonable assurance of
To ensure an effective implementation, we have assigned our HR the accomplishment of the established objectives. We have
& GA division to conduct internalization and socialization activities determined the objectives in 3 (three) categories, they are:
of the Code of Conduct and corporate values to all organizational
levels, including the BoC, the BoD, and the employees. These a. Operation Objectives–pertaining to effectiveness and
activities are served through formal and informal communication efficiency of the Company’s operations, including operational
media, such as town-hall discussion and management briefing, and financial performance goals, and safeguarding assets
e-mail blast, and others. For detailed contents of the Code of against loss.
Conduct, we have made them publicly available on the Company’s b. Reporting Objectives–pertaining to reliability of financial
website. reporting, timeliness, transparency, or other terms as set
forth by regulators, recognized setters, or policies of the
Internal Control Systems Company.
c. Compliance Objectives–pertaining to the Company’s
An effective implementation of a robust internal control system regulatory compliance.
is essential to ensure the accuracy and integrity of financial
reporting, as well as the Company’s regulatory compliance. A Effectiveness and Efficiency of the Company’s
well-designed internal control framework allows the Company Operations
to identify, assess, and establish an effective risk management,
while establishing sound control procedures to safeguard assets, As part of the Company’s comprehensive control procedures, the
sustain operational performance, and maintain full regulatory internal auditor is entrusted with the responsibility of evaluating
compliance. the adequacy and effectiveness of the internal control framework
by applying a risk-based auditing approach. This method ensures
To uphold the reliability and effectiveness of internal controls, that areas with higher risk exposure receive greater attention
the Company has established an Internal Control function, and are assessed in detail to mitigate potential issues. These
who reports directly to BoD. This function plays a critical role evaluations will help the internal auditor in providing independent
in evaluating control mechanisms, enhancing governance and objective assessments, as well as constructive feedback and
processes, and ensuring the achievement of organizational recommendations, to both the BoD and the Audit Committee,
objectives. In addition, the Internal Control function also provides aimed at enhancing operational efficiency, and ensuring
the BoD with recommendations aimed at strengthening business adherence to applicable regulations and internal policies.
operations, mitigating potential risks, and supporting long-term
business sustainability through a range of activities, including: In addition to the internal audit function, the Company engages an
external auditor to perform periodic reviews of the internal control
• Review of the execution of the Company’s program; system. The external auditor is assigned to evaluate the overall
• Providing recommendations to ensure an effective soundness of internal control practices, identify any deficiencies
implementation of the internal control system and risk or weaknesses, and oversee corrective actions to address minor
management process; defects and ensure the system to operate effectively.
• Review of the Company’s compliance with internal regulations,
implementation of GCG principles; and The Company reinforces its oversight and control processes
• Facilitating a mutual coordination with external parties. through regular meetings involving the BoD, the BoC, and the
senior executives, where we present the latest reviews of business
The Company also applies 5 (five) key components of internal operations, financial performance, and emerging business
control that include the followings: opportunities. Any insights gained from these discussions will
provide valuable input for formulating strategic decisions and
designing comprehensive investment strategies, both for the
Company and its investee entities.
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This approach enables the Company to respond effectively to At the end of the 2025 financial year, the appointed Public
dynamic market conditions, manage risks prudently, and maintain Accounting Firm had completed its audit activity independently
a strong competitiveness in the rapidly evolving economic and and presented the Independent Auditor’s Report in accordance
business environment. with the professional standards of public accountants and
the agreed audit scope outlined in the contract signed on 12
In addition, we require the Internal Audit Unit to attend all September 2025. For the financial year ending 31 December
Audit Committee meetings and provide valuable input and 2025, Siddharta Widjaja & Rekan (a member of KPMG global
recommendations to senior management executives as a follow- network) conducted the financial statement audit and rendered
up to the BoC’s views and recommendations. The Internal Audit limited non-audit services to the Company, ensuring that all
Unit is also required to provide assurance of the regulatory engagements were performed objectively, transparently, and in
2025 Annual Report
compliance, identify any material weaknesses, as well as give line with ethical and professional requirements.
recommendations for a more effective internal control to the
appropriate management officers. Public Accountant Public
Year Audit Fee
Firm Accountant
Statement of the Board of Directors and/or the Board of 2025 Siddharta Widjaja Ratna IDR4,650,000,000
Commissioners/Audit Committee on Adequacy of the Internal & Rekan (a Wulandari,
Control System member of KPMG S.E., CPA
global network)
The monitoring over the effectiveness of the internal control 2024 Siddharta Widjaja Harry IDR4,626,300,000
& Rekan (a Widjaja,
implementation within the Company throughout the year
member of KPMG S.E., CPA
has provided assurance to our BoD and BoC members that global network)
the Company has effectively and efficiently managed and
2023 Siddharta Widjaja Harry IDR4,500,000,000
demonstrated resilience against by any business risks that could & Rekan (a Widjaja,
have adverse impact on the company and hampered its efforts to member of KPMG S.E., CPA
achieve the business objectives. global network)
Nevertheless, the BoD and the BoC underlined that no internal In addition, the total fee for non-audit services for the Company
control system can provide absolute assurance against the in 2025 did not exceed the audit fee, with the fee for non-audit
occurrence of material errors, poor judgement in decision- services is IDR108,500,000.
making, human error, fraud, or other irregularities to potentially
take place in its operations. The Company remains vigilant in Information Disclosure on Share Ownership by
identifying and responding to such potential risks through early Management
detection mechanisms, corrective actions, and the continuous
reinforcement of ethical standards and internal control procedures The Company is always committed to transparency and
to ensure the sustainability and integrity of its operations. accountability, one of which through the regular and accurate
disclosure of share ownership information. The Company requires
External Auditor all members of the BoD and BoC to report any transactions
involving the sale or purchase of the Company’s shares to
The Annual GMS Resolutions on 25 June 2025 agreed to the Corporate Secretary no later than 3 (three) business days
authorize the BoC to appoint a registered Public Accountant following the transaction.
Firm to perform the audit of the Company’s Financial Statement
for the financial year ending on 31 December 2025. Accordingly, Pursuant to Article 3 of the OJK Regulation No. 4 of 2024
the Audit Committee issued a recommendation letter dated concerning Reports on Ownership or Changes in Ownership of
15 August 2025 to the BoC for the appointment of Siddharta Shares of Public Companies and Reports on Activities Related
Widjaja & Rekan (a member of KPMG global network) to perform to the Pledge of Shares of Public Companies, the Corporate
the audit activity of the Company’s financial statements. Such Secretary is responsible for compiling the data and submitting it
appointment was subsequently approved and stipulated in the to the capital market authorities in a timely and accurate manner.
BoC Circular Resolutions 4 September 2025. This would be the
13th (thirteenth) consecutive year for Public Accounting Firm In addition, to promote transparency and provide equal access
Siddharta Widjaja & Rekan (a member of KPMG global network) to such information, stakeholders may obtain further details
and the first year for Public Accountant Ratna Wulandari, S.E., regarding ownership or changes in ownership of the Company’s
CPA, to serve the Company as a signing partner of an Independent shares through the Monthly Report of Securities Holders
Auditor’s Report for financial year 2025. The appointment process Registration which are available on both the IDX’s website and
was carried out in full compliance with applicable procedures, the Company’s official website.
laws, and prevailing regulations.
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2025 Annual Report
The Policy Implementation in 2025
The Corporate Secretary disclosed information about any changes in shares ownership of members of the BoD and BoC throughout
2025 in order to comply with Article 3 of OJK Regulation No.4 of 2024 concerning Reports on Ownership or Any Changes in Ownership
of Shares of Public Companies and Reports on Activities of Pledge of Shares of Public Companies, as seen in the following report:
Name Position Number of Exercise Transaction Reporting Transaction Purpose
Shares Price Date Date
(shares) (IDR) to OJK
and IDX
Michael W.P. President 182,300 1,575 1 July 2025 4 July 2025 Implementation of the Company’s LTIP
Soeryadajaya Director program
Lany Djuwita Director 595,900 1,575 1 July 2025 4 July 2025 Implementation of the Company’s LTIP
Wong program
Devin Director 685,600 1,575 1 July 2025 4 July 2025 Implementation of the Company’s LTIP
Wirawan program
Incentive Program for Management and/or As outlined in the Extraordinary GMS resolutions dated 25 June
Employees 2025, the shareholders approved to allocate up to 5,500,000
(five million five hundred thousand) of treasury shares, which
Pursuant to the Extraordinary GMS resolutions dated 15 June originated from the buyback of shares conducted by the
2016, our shareholders have approved the granting of authority Company during the period until the Extraordinary GMS dated
to the BoD to implement a Long-Term Incentive Program (LTIP). 16 May 2024, to be distributed to members of the BoD and
This program is designed to recognize and reward employees employees of the Company in 2025.
based on their performance achievements and tenure within the
Company, while also aligning their interests with the long-term
objectives and value creation goals of the organization.
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Corporate
Governance
Risk Management
PT Saratoga Investama Sedaya Tbk.
The Company operates within an increasingly complex and and external risks that may impact the Company’s operations,
dynamic business landscape, necessitating a robust and effective investments and reputation. In addition, the RMU formulates
risk management framework to support the achievement appropriate risk mitigation strategies and ensures that effective
of its short, medium and long-term strategic objectives. A control mechanisms are consistently applied across all levels of
comprehensive and well-implemented risk management the organization.
approach enables the Company to systematically identify,
2025 Annual Report
assess, and mitigate potential risks proactively, while also As an integral component of the Company’s GCG framework,
enhancing its ability to anticipate market shifts and capitalize the RMU works in close coordination with the Internal Audit
on emerging opportunities in a timely and strategic manner. Unit to support the gradual development of a risk-based internal
audit approach. This coordination helps improve risk visibility,
To safeguard the Company’s long-term sustainability and inform audit planning, encourage consistent control practices,
business resilience, the Company has established a Risk and support the continuous enhancement of the Company’s
Management Unit (RMU). The RMU is responsible for identifying, governance, risk, and compliance framework.
evaluating, managing, and continuously monitoring both internal
The RMU’s key responsibilities include, but are not limited to, the followings:
1 2 3
Risk Identification & Cultivating a Risk Awareness Adhering
Management Culture to Best Practice
Collaborate with the BoD to identify, Promote and nurture a risk-aware Implement good and practical risk
assess, manage, and monitor key mindset throughout the organization. management practices in accordance
risks, thereby fostering sustainable with industry best practices.
growth and protecting the interests of
shareholders and stakeholders.
BoD plays an active and strategic role in ensuring the effective Through regular internal meetings of the Company’s top
implementation of the Company’s risk management framework. management, discussions on risk appetite and tolerance levels
The BoD is involved in the formulation, oversight and continuous are embedded as standing agenda items. The RMU actively
improvement of risk management practices to ensure alignment participates in these meetings by providing insights and
with the Company’s business strategy, operational priorities, highlighting emerging risks or matters that may require escalation
and long-term objectives. Through this approach, the BoD to the Audit Committee or the BoC. These discussions provide
continuously promotes a strong culture of risk awareness across assurance that risk governance remains dynamic, responsive and
all levels of the organization and reinforces that risk management fully integrated into the Company’s decision-making process.
is a shared responsibility across all functions and levels.
The BoD also works in close coordination with and supports
the capacity development of the RMU, which operates under
the guidance and oversight of the Audit Committee. Within
the governance structure, the Audit Committee plays a critical
intermediary role by reviewing the RMU’s results and escalating
significant issues that require higher-level consideration to
the BoC. The BoC oversees the Company’s commitment to
maintaining an appropriate balance between value creation
and prudent risk-taking, while providing strategic guidance and
recommendations to the BoD on necessary follow-up actions.
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PT Saratoga Investama Sedaya Tbk.
Risk Profile
Risks Mitigations
Social-Political, Market, and Economic Risks
Our business is potentially exposed to risks associated with The Company continuously monitors evolving market conditions by assessing
social-political, market, and economic conditions that may key economic, political and market indicators and conducting regular scenario
affect the performance and valuation of the Company's analyses. Through this proactive approach, the Company is able to anticipate
investments. Changes in external conditions may impact potential risks early, implement appropriate mitigation actions in a timely
portfolio company operations, investment opportunities, and manner, and remain well positioned to capitalize on emerging opportunities.
overall financial performance.
2025 Annual Report
Risk of Expansion to New Business and Markets
Given the nature of its business, the Company continuously The Company applies a rigorous and disciplined investment process
identifies new business and geographic opportunities. encompassing comprehensive multi-disciplinary analysis, market research and
However, expansion into new businesses or markets, as due diligence. This structured approach enables the Company to identify and
well as the implementation of new investment strategies capture value-creating opportunities, make informed investment decisions,
may introduce risks and uncertainties into the Company's and proactively identify and manage potential risks.
operations.
Exposure to Industry Risk in Which Our Investees Operate
The Company has investee companies operating across The Company mitigates industry risk through portfolio diversification across
various industries, including the natural resources, selected sectors and by establishing multiple investment platforms within
infrastructure, and consumer sectors. Each of these industries each industry. This year, the Company continued to implement focused
is subject to its own inherent risks, which may affect the investment strategies in sectors such as healthcare, and consumer-related
operational performance and financial results of the investee sectors to provide better balance in the overall portfolio capture opportunities
companies and, in turn, the Company’s investment outcomes. in these sectors.
As part of risk mitigation efforts, the Company conducts regular performance
and risk reviews and develops action plans for both listed and unlisted investee
companies with substantial holdings.
Market Risks
The Company is exposed to market risks arising from The Company mitigates market risks through portfolio diversification across
movements in share prices, interest rates, and foreign asset classes, continuous monitoring of market developments, and the
exchange rates, which may influence the value of its maintenance of adequate liquidity. The Company also manages liabilities,
investments and financial performance. including those denominated in U.S. dollars, through spot transactions and
short-term derivative instruments, while evaluating longer-term hedging
strategies as part of its overall risk management approach.
In addition, certain investments, such as in ADRO and MDKA, provide a natural
hedge against the Company’s U.S. dollar liabilities.
Risk of Dependency on Founders and Key Executives
The Company may be exposed to risks arising from its reliance The Company has established a succession planning framework within its
on founders and key executives, as the loss of their services talent management programs to support leadership continuity and reduce
could affect leadership continuity, strategic direction and dependency on founders and key executives.
business performance.
The Nomination and Remuneration Committee oversees nomination policies,
succession planning and performance evaluations for senior executives.
Risk of Employee Negligence and Misconduct
The Company’s competitiveness and reputation may be The Company mitigates the risk of employee negligence and misconduct
adversely affected by employee negligence or misconduct, through a comprehensive approach, including rigorous recruitment processes
which could impair the Company’s ability to attract and ongoing training provided by the HR & GA division. These measures
investment and expose it to financial losses, legal liabilities, promote adherence to a clear code of conduct and encourage open
and reputational damage. communication.
In addition, regular performance evaluations and performance-based bonus
schemes are implemented to align employee interests with the Company’s
objectives, support compliance with applicable laws and regulations, and
foster a culture of ethical behaviour.
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Corporate
Governance
PT Saratoga Investama Sedaya Tbk.
Risks Mitigations
Risk Arising from Regulatory and Legal Complexities
The Company’s business and investment activities operate The Company has implemented internal control systems to ensure compliance
within regulatory and legal frameworks that may present with prevailing laws and regulations. The Company continuously monitors
certain complexities. These conditions may result in increased regulatory and legal developments to identify potential risks and formulate
regulatory oversight or the emergence of contingent appropriate mitigation measures.
liabilities, which could influence the Company’s operations
and financial performance. In fulfilling its regulatory obligations, including those related to capital market
regulations, the Company also engages external legal consultants, where
necessary, to support effective risk management and compliance.
2025 Annual Report
Disaster and Force Majeure Risks
The Company's operational activities and portfolio To support business continuity and long-term sustainability, the Company
performance may be adversely affected by significant formulates risk management and mitigation plans for the short, medium, and
disruptions, including force majeure events such as natural long term. The plans prioritize the safety and well-being of employees across all
disasters, pandemics, and geopolitical conflicts. Such operational activities, supported by close monitoring of ongoing developments.
events may result in damage to physical assets, a decline in
investment value, and liquidity disruptions within investee
companies.
Evaluation of the Effectiveness of the Risk Statement of the Board of Directors and/or the
Management System in 2025 Board of Commissioners or Audit Committee on
Adequacy of the Risk Management System
We conducted a review of the implementation of the risk
management plan in 2025. The RMU analyzed key developments The BoD and the BoC are of the view that the Company’s risk
and provided recommendations on risk appetite and escalated management system has been implemented adequately and
matters requiring further attention. Supported by an adequate provides reasonable, though not absolute, assurance in supporting
and effective risk management system, the management prudent decision-making and the achievement of the Company’s
received timely and constructive input, enabling the formulation business objectives. The Boards acknowledge, however, that no
of appropriate responses and follow-up actions. As a result, risk management and internal control system can fully eliminate
the organization remained agile and resilient in adapting to the all risks, including the possibility of errors, limitations in human
challenges arising from a rapidly evolving business environment judgment, fraud, or other irregularities.
throughout the year.
The Company continues to evaluate the effectiveness of its
risk management processes and systems to ensure that the
organization remains agile amid ongoing business dynamics and
is well positioned to achieve sustainable and profitable growth.
Whistleblowing System
The Company has established a Whistleblowing System (WBS) It ensures that every report is handled objectively, independently,
as a formal mechanism to receive, manage, and follow up on and without bias, protecting whistleblowers from any form
incoming reports or concerns relating to any alleged violations, of retaliation or discrimination. The mechanism includes clear
unethical behavior, or misconduct within the organization. The procedures for submission, verification, investigation, and
WBS is designed to promote transparency, accountability, and resolution of reported cases, supported by designated officers
integrity throughout the Company’s operations. who are responsible for ensuring confidentiality and fair
treatment at every stage of the process.
This system facilitates both external stakeholders and employees
who are willing to submit complaints or concerns regarding issues The system implementation helps the Company reinforce its
such as accounting irregularities, internal control weaknesses, commitment to principles and strengthens its organizational
auditing matters, breaches of the Company’s Code of Conduct, culture based on trust, ethical conduct, and continuous
or any other actions that may contravene applicable laws, improvement.
regulations, or corporate ethics standards.
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PT Saratoga Investama Sedaya Tbk.
Reporting Procedures standards. The Internal Audit Unit then prepares a detailed report
of its findings and submits it to the Audit Committee and the BoC
The WBS allows the whistleblower to submit a written report for review and further action when necessary.
that clearly states the background and history of the matter,
names of persons engaging the misconduct as well as dates and Whistleblower Protection
places wherever possible and the reasons for the concerns. The
whistleblower is required to submit the report in a good faith for The Company is firmly committed to upholding the confidentiality
the best interests of the Company and send it to an assigned and protection of every whistleblower. The identity of the
email address or by mailing the following address: whistleblower will be kept confidential and disclosed only when
legally required or deemed essential to the investigation process.
2025 Annual Report
This protection is intended to prevent any form of retaliation or
PT Saratoga Investama Sedaya Tbk.
adverse treatment from parties involved in the reported matter.
15th floor Menara Karya
Jalan H.R. Rasuna Said Block X-5, Kav. 1-2
South Jakarta 12950, Indonesia The Company also ensures that the whistleblower is kept
Email: whistleblowing.report@saratoga-investama.com informed of the progress and outcome of the investigation
through written communication, maintaining transparency while
respecting confidentiality.
The WBS serves as an accessible and confidential channel,
through which we accept and will follow up cases that include: Furthermore, the Company highly values the integrity and
courage of employees who, in good faith, raise concerns
• Unusual/questionable accounting or auditing practices; or participate in investigations. Any employee who reports
• Disclosure matters; suspected misconduct or cooperates with an inquiry shall be
• Internal controls lapse or override; protected from any acts of retaliation, including but not limited
• Insider trading; to termination, demotion, suspension, loss of benefits, threats,
• Conflict of interest; harassment, or discrimination. This commitment reflects the
• Serious breaches of the Company and its group policy; Company’s strong ethical foundation and reinforces a workplace
• Collusion with competitors; culture built on trust, accountability, and openness.
• Unsafe work practices; or
• Any other matters involving fraud, corruption, and employee Reporting Results
conduct.
For any cases that, based on the results of an investigation,
Report Management are proven to have violated the Company’s internal policies,
applicable laws and regulations, or the established Code of
All reports submitted through the WBS must include clear Conduct, the Company will take immediate and appropriate
information regarding the alleged case, the parties involved, and corrective actions in accordance with the severity of the violation.
any supporting evidence. Reports that meet these criteria and These actions may include disciplinary measures, administrative
are signed by the whistleblower will be reviewed and followed sanctions, or legal proceedings, depending on the nature and
up promptly within a reasonable timeframe. Each report is impact of the misconduct. All sanctions will be imposed in line
carefully assessed to determine its credibility and the necessity with the Company’s internal regulations, GCG principles, and the
for further investigation. If warranted, the case will be escalated prevailing legal framework to ensure fairness, transparency, and
for a comprehensive inquiry to ensure that all allegations are accountability.
addressed objectively and transparently. However, reports
deemed malicious or lacking sufficient evidence will not be Throughout 2025, the Internal Audit Unit reported that there were
processed further to maintain the integrity and efficiency of the no complaints or reports submitted through the WBS regarding
system. potential violations of the Code of Conduct or other unethical
behavior. This outcome reflects the Company’s continued efforts
The Party Managing the Incoming Reports to foster an ethical work environment, promote integrity, and
maintain strong compliance with its governance standards.
The Internal Audit Unit is assigned as the independent party
responsible for managing and investigating reports received
through the WBS. The Internal Audit Unit conducts investigations
in a timely, thorough, and sensitive manner—balancing speed
with accuracy and fairness. The unit is expected to maintain
professional discretion and ensure that each investigation adheres
to established internal procedures, legal requirements, and ethical
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Corporate
Governance
Prevention Against Insider Trading Policy
PT Saratoga Investama Sedaya Tbk.
The Company recognizes that its business operations and All members of the BoC, BoD, and employees of the Company
reputation may be exposed to significant risks arising from insider are required to demonstrate full adherence to this policy by
trading, which involves the misuse or disclosure of material, non- maintaining the highest standards of integrity, discretion, and
public information that could influence an investor’s decision to professionalism in handling confidential information. The policy
buy, sell, or retain shares in the Company. Such activities, whether also emphasizes the obligation to report any suspected insider
conducted intentionally or unintentionally, undermine market trading incidents or potential breaches through the established
2025 Annual Report
integrity, investor confidence, and the Company’s commitment WBS for appropriate review and follow-up.
to ethical business practices. These acts may be conducted by
members of the BoD, BoC, or employees who, by virtue of their Through the consistent enforcement of this policy and the
positions, have access to the Company’s confidential information. promotion of ethical conduct across all organizational levels, the
Company seeks to uphold transparency, safeguard shareholder
To mitigate this risk, the Company has implemented an insider interests, and ensure full compliance with capital market
trading policy as part of its broader GCG and compliance regulations and relevant legal provisions governing insider trading.
framework that strictly prohibits all members of the BoC, BoD,
and employees from disclosing, sharing, or using any confidential In 2025, the Company did not identify or receive reports on
or insider information—whether related to the Company or its insider trading act committed by the Directors, Commissioners,
investee companies—for personal or third-party gain, particularly or the employees of the Company that caused risks to the
in connection with securities trading activities. business sustainability and reputation of the Company and/or its
investee companies.
Anti-Corruption and Anti-Fraud Policy
Corruption and fraudulent practices pose serious threats to the reason. The direct or indirect offer, payment, soliciting or
Company’s financial stability, operational integrity, and overall acceptance of bribes in any form by Saratoga’s persons and/
reputation. Such unethical behavior can undermine public or their affiliates, is totally unacceptable.
trust, damage shareholder confidence, and compromise the
Company’s long-term sustainability. Recognizing these potential 2. Anti-Money Laundering
risks, the Company has strong commitment to maintaining a All Saratoga’s persons including their affiliates are prohibited
clean, transparent, and accountable business environment by from engaging in or facilitating money laundering act. Anyone
strengthening the enforcement of its Code of Conduct across all who is found guilty of engaging in money laundering activity,
levels of the organization. even if unintended, could result in civil and criminal penalties
against such person and the Company.
The Code of Conduct explicitly prohibits all forms of bribery,
corruption, and fraud. Each member of the BoD, BoC, as well as the 3. Gifts and Entertainment
senior executives and employees, is strictly forbidden from offering, Gifts and entertainment can foster goodwill in business
promising, giving, or receiving any form of bribe—whether in cash, relationships; however, concerns arise when they may
gifts, favors, or other benefits—that could improperly influence compromise, or appear to compromise, the propriety of
business decisions or provide unfair advantage. Furthermore, no the Company’s business relationships or trigger an actual or
individual within the Company may engage in, facilitate, or conceal apparent conflict of interest.
any act of corruption, collusion, or fraudulent activity, whether for
personal gain or on behalf of others. In addition, the Company has established a clear policy regarding
the acceptable value limit for gifts and entertainment that may
The Company’s Code of Conduct also incorporates anti- be received or offered by any Saratoga personnel in the course
corruption and anti-fraud policies, which cover a wide range of of conducting business activities. In accordance with this policy,
preventive and enforcement aspects, including but not limited to: the maximum allowable value of receiving or giving any gift or
entertainment is USD200 (two hundred United States Dollars).
1. Anti-Bribery, Kickbacks and Facilitation Payments This limit is set to ensure that all business interactions remain
The Company requires that all Saratoga’s persons, including professional, transparent, and free from any undue influence or
their affiliates, shall never offer or accept a bribe, facilitation perception of impropriety.
payment, kickback, or other improper payment for any
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
PT Saratoga Investama Sedaya Tbk.
In such cases, the gift may be accepted on behalf of the This policy reflects the Company’s firm commitment to upholding
Company, rather than personally by the individual. Any gift ethical conduct, integrity, and compliance with anti-bribery and
received under these circumstances must be promptly reported anti-corruption standards. In 2025, we did not receive any report
and handed over to the HR & GA Division, which will record the regarding corruption acts committed by our employees. At the
item and determine its appropriate use for corporate purposes, same time, we consistently nurtured the policy of anti-corruption
such as employee events or charitable donations. practice among our employees for an effective implementation.
Anti-Money Laundering and Counter-Terrorism
2025 Annual Report
Financing Policy
Money laundering refers to activities that are conducted Employees are expected to exercise vigilance in all business
intentionally to conceal or disguise the true origins of funds transactions, promptly report any suspicious activities, and
obtained through criminal activities, making such proceeds cooperate with internal monitoring and external regulatory
appear legitimate or presenting them as lawful assets. Similarly, requirements.
terrorist financing involves the use of funds to support or
facilitate terrorist activities. Both practices pose significant risks Violations of the Anti-Money Laundering and Counter-Terrorism
to the Company, including potential financial losses, reputational Financing policies are considered serious offenses and may
damage, and erosion of shareholder and stakeholder trust. result in severe disciplinary measures, including termination
of employment, as well as potential civil or criminal liability
To mitigate these risks, the Company enforces its Code of in accordance with prevailing laws. Through the consistent
Conduct. Applicable to all employees, the Code requires full enforcement of the Code, the Company aims to uphold
compliance with all applicable laws and regulations pertaining to transparency, accountability, and integrity, securing its reputation
anti-money laundering and the prevention of terrorist financing. and stakeholder confidence in the Company.
The Implementation of Information Technology
(IT) Governance
Given the increasingly complex and dynamic business To ensure the effective implementation of the framework, the
environment, the Company recognizes the critical importance Company has implemented a set of comprehensive internal IT
of establishing a robust Information Technology (IT) governance policies covering:
framework. This framework is designed to provide the
management with adequate assurance regarding the reliability, • IT procedures and operational standards to ensure
security, and resilience of the Company’s IT systems, particularly consistency, security, and compliance across all IT activities.
against potential risks such as cyberattacks, system failures, or
other IT disruptions. • IT development and execution plans to guide system
enhancements, software deployment, and technology
Beyond risk mitigation, effective IT governance also delivers upgrades in alignment with business needs.
tangible value to the organization by ensuring that IT operations,
systems, and resources are managed efficiently and aligned • Disaster recovery and business continuity plans to ensure
with the Company’s strategic objectives. The Company aligns rapid response and minimal disruption in the event of IT
its IT governance initiatives with broader business goals to system failures, cyber threats, or other emergencies.
facilitate operational efficiency, informed decision-making, and
sustainable growth.
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Corporate
Governance
Implementation of the Corporate Governance
PT Saratoga Investama Sedaya Tbk.
Guidance
As a publicly listed company, beyond the adherence to OJK principles, and 25 (twenty-five) recommendations on the
Regulation No. 21/POJK.04/2015 concerning the Implementation implementation of aspects and GCG principles.
of Guideline of Corporate Governance in Publicly Listed
Companies, the Company is also committed to comply with In accordance with the Comply or Explain principle, below is our
the provisions as outlined the OJK Circular Letter No. 32/ report containing explanation and alternative implementation for
2025 Annual Report
SEOJK.04/2015 on the Corporate Governance Guidance for the recommendations that were not yet implemented in the 2025
Public Companies, which regulates 5 (five) aspects, 8 (eight) financial year as part of the regulatory compliance:
Recommendations Remarks (Comply or Explain)
Public companies have voting procedures, either for open voting or close voting, which focusing on Complied
independency and the interest of the shareholders.
All members of the BoD and the BoC of the public companies are present in the Annual GMS. Complied
Summary of the minutes of the GMS are available on the website of the public companies for at least Complied
1 (one) year.
The public companies have a communication policy with the shareholders or investors. Complied
The public companies disclose such communication policy with the shareholders or investors on the Complied
website of the company.
Determination on the number of the members of the BoC considering the condition of the public Complied
companies.
Determination on the composition of the member of the BoC based on the variety of required skill, Complied
knowledge, and experience.
The BoC shall have self-assessment policy to assess the performance of the BoC. Complied
Such self-assessment policy to assess the performance of the BoC shall be disclosed in the Annual Complied
Report of the public companies.
The BoC has a policy with regards to the resignation of the member of the BoC if being involved in Complied
financial crime.
The BoC or the Nomination and Remuneration Committee prepares succession policy for nomination Complied
process of a member of the BoD.
Determination on the number of the member of the BoD considering the condition of the public Complied
companies and effectivity in making a decision.
Determination on the composition of the member of the BoD based on the variety of required skill, Complied
knowledge, and experience.
The Director who supervises the Accounting or Financial Division shall has the skill and/or knowledge Complied
in accounting sector.
The BoD shall have self-assessment policy to assess the performance of the BoD. Complied
Such self-assessment policy to assess the performance of the BoD shall be disclosed in the Annual Complied
Report of the public companies.
The BoD has a policy with regards to the resignation of the member of the BoD if being involved in Complied
financial crime.
The public companies have a policy to avoid insider trading. Complied
The public companies have anti-corruption and anti-fraud policy. Complied
The public companies have a policy on selecting and improving the performance of its supplier or Explanation
vendor. The recommendation is not relevant
with the Company’s business activities.
The public companies have a policy with regards to the compliance of the creditors’ rights. Explanation
The recommendation is not relevant
with the Company’s business activities.
The public companies have WBS policy. Complied
The public companies have a policy on granting long-term incentives to the BoD and the employees. Complied
The public companies utilize IT more broadly other than the website as the media for disclosure of Complied
information.
The Annual Report of the Public Company reveals the owner of the ultimate benefit in the ownership Complied
of the Public Company at least 5% (five percent), in addition to the disclosure of the ultimatel
beneficial owner in the shareholding of the Public Company through the main and controlling
shareholders of the company.
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CORPORATE SOCIAL RESPONSIBILITY
Page 108
Corporate Social
Responsibility
Our Sustainability Approach
PT Saratoga Investama Sedaya Tbk.
At Saratoga, sustainability is not an afterthought—it is woven us to create lasting value for our stakeholders while contributing
into the very fabric of how we invest, operate, and create value. to the broader goal of a more sustainable and equitable economy.
We have embedded ESG principles into every aspect of our
investment strategy, representing a deliberate commitment We recognize that responsible investing is most impactful
that goes far beyond regulatory compliance. For us, sustainable when it is collaborative. Saratoga actively partners with
finance means actively pursuing opportunities that deliver strong, stakeholders across sectors—government agencies, local
2025 Annual Report
resilient, long-term financial returns while generating measurable communities, educational institutions, and sustainability-
positive impact for society and the environment. focused organizations—to foster innovation, promote
responsible business practices, and expand participation in
By integrating ESG considerations into our decision-making building a sustainable and inclusive economy. Through these
process, we are able to identify investments that not only collective efforts, we strengthen our role as a catalyst for
perform financially, but also contribute to reducing environmental positive change, creating enduring value for both internal
footprints, enhancing social well-being, and strengthening and external stakeholders while supporting the realization of
governance practices across our portfolio. This approach enables national development goals.
Our Approach
Guided by Global Standards Policy Framework
Our sustainability approach is firmly anchored in internationally Building on these global standards, Saratoga has developed a
recognized frameworks that apply both universally and nationally. comprehensive Sustainability Policies that serves as a guiding
We have adopted the UN Guiding Principles on Business and framework for the Company’s operations and decision-making
Human Rights (UNGPs), the Universal Declaration of Human processes—all grounded in ESG principles. This overarching
Rights, and the Sustainable Development Goals (SDGs) to enrich policy is further supported by several specific internal policies
and guide our sustainability journey. These frameworks serve that address distinct aspects of responsible business conduct:
as our foundation, aligning the Company’s objectives with its
environmental, social, and governance impacts and ensuring that Our ESG Policy and Environmental Policy establish clear guidelines
every business decision reflects a thoughtful balance between for sustainable investment and ecological responsibility. The
growth and responsibility. People Policy and Prevention of Sexual Harassment Policy ensure
a safe, respectful, and inclusive workplace. Our Human Rights
Through this integrated approach, Saratoga reaffirms its strong Commitment affirms our dedication to upholding fundamental
commitment to upholding ethical and responsible business rights across all operations, while the Whistleblowing Policy
practices that generate meaningful, measurable impact. At the provides secure channels for reporting concerns and maintaining
same time, these guiding principles enable us to proactively accountability.
manage potential risks, enhance organizational resilience, and
optimize long-term value creation for all stakeholders. These Board-approved policies are not merely documents—
they are actively implemented and disseminated through
internal platforms, incorporated into employee onboarding
programs, and reinforced through targeted training initiatives.
Policy implementation is regularly reviewed across multiple
organizational levels to ensure effectiveness and continuous
improvement.
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PT Saratoga Investama Sedaya Tbk.
ESG Roadmap 2023–2027 Supporting the Sustainable Development Goals
To ensure systematic and measurable progress, Saratoga’s Our Sustainability Policies reinforces Saratoga’s commitment
ESG strategy is guided by a comprehensive five-year roadmap to creating meaningful contributions to the United Nations
spanning 2023 to 2027. This roadmap, thoroughly reviewed and Sustainable Development Goals. Through our programs, we
endorsed by the BoD, outlines five key phases designed to embed actively support SDG 1 (No Poverty), SDG 4 (Quality Education),
sustainability progressively deeper into our operations: Initiating, SDG 5 (Gender Equality), SDG 7 (Clean Energy), SDG 8 (Decent
Performing, Excellence, Inspiring, and Sustaining. Work), SDG 11 (Sustainable Cities), SDG 12 (Responsible
Consumption), SDG 13 (Climate Action), and SDG 15 (Life on
2025 Annual Report
During the 2025 financial year, Saratoga continued to measure Land). These initiatives promote inclusive growth, improve
ESG performance and evaluate impacts across our operations livelihoods, and foster environmental responsibility within the
and investments, steadily advancing through this structured communities we serve.
framework toward our sustainability ambitions.
SUPPORTING SUSTAINABLE DEVELOPMENT
Through these programs, we promote inclusive growth,
improve livelihoods, and foster environmental responsibility
within the community we serve.
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Corporate Social
Responsibility
Community Empowerment
PT Saratoga Investama Sedaya Tbk.
Saratoga holds an unwavering commitment to education and Recognizing that today’s entrepreneurs must be prepared for
the enhancement of human resource competence. We believe tomorrow’s challenges, we also engaged subject matter experts
that sustainable development begins with people—and that to lead enrichment classes on topics beyond traditional business
when individuals are empowered with knowledge, skills, and education. Sessions on climate change, green economy principles,
opportunity, they become powerful agents of positive change. and sustainable business practices prepared participants to
This commitment is manifested through initiatives that provide become innovative, socially conscious, and environmentally
2025 Annual Report
equal opportunities for our stakeholders, especially the younger responsible business leaders. ENVOY 2025 reflected our
generation, to access extensive educational and training consistent commitment to developing capable, purpose-driven
programs that can transform their futures. entrepreneurs equipped with the mindset, tools, and support
network needed to grow resilient businesses and create positive
ENVOY: Nurturing Young Entrepreneurs impact in their communities.
One of our most impactful initiatives is the Entrepreneur Education Scholarships: Opening Doors to
Development for Youth (ENVOY) program. Developed in Opportunity
partnership with the Mien R. Uno Foundation (MRUF) since 2008,
ENVOY provides comprehensive support to improve the capacity Beyond entrepreneurship development, Saratoga is deeply
of young individuals through a carefully structured series of committed to expanding educational access for young
activities. The program encompasses entrepreneurship training, Indonesians who might otherwise be left behind. We believe that
personalized mentoring and coaching sessions, enrichment every young person deserves the opportunity to learn, grow,
classes, and practical business development workshops—all and realize their potential—regardless of their family’s economic
designed to equip participants with the tools they need to build circumstances.
successful, sustainable enterprises.
In 2025, Saratoga provided scholarships to 95 students at
In 2025, the ENVOY program was delivered through two SMK Ora et Labora, supporting them through their vocational
cohorts, supporting a total of 32 young entrepreneurs through education from grades 10 to 12. Many of these students come
an integrated, hands-on learning journey. ENVOY 16 (January– from underprivileged families, and for them, these scholarships
September) engaged 18 participants representing diverse represent more than financial assistance—they represent hope
business sectors including culinary, services, agribusiness, crafts, and possibility. Through this initiative, we help open doors that
manufacturing, and digital platforms. ENVOY 17 (September– might otherwise remain closed, empowering these young people
December) welcomed an additional 14 participants from similarly to build brighter futures for themselves and their communities.
varied early-stage enterprises.
Together, these empowerment initiatives align with and advance
Throughout the year, participants strengthened both their several Sustainable Development Goals: SDG 4 (Quality
business fundamentals and personal leadership capabilities Education), SDG 5 (Gender Equality), SDG 7 (Affordable and
through structured learning that combined training, mentoring, Clean Energy), SDG 8 (Decent Work and Economic Growth), and
coaching, and periodic reflection sessions (Revlacation) to track SDG 13 (Climate Action).
targets and monitor progress. To cultivate an entrepreneurial
mindset and enhance leadership capacities, we engaged certified
coaches from Coaching Indonesia who helped participants
develop critical negotiation and problem-solving skills through
both online and offline training series.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
Social and Cultural Development
PT Saratoga Investama Sedaya Tbk.
At Saratoga, we believe that true corporate success is measured This rapid response helped stabilize living conditions for affected
not only by financial performance but by the positive change we families and accelerated early recovery efforts in impacted
create in people’s lives. Our commitment to social and cultural areas. More importantly, it demonstrated the power of collective
development reflects a core conviction: sustainable growth and action—when our portfolio companies unite behind a common
social responsibility are inseparable. Through carefully designed cause, we can deliver meaningful support where it is needed
initiatives, we extend meaningful support to communities in most.
2025 Annual Report
need—addressing immediate challenges while fostering dignity,
resilience, and long-term well-being. Building Homes, Transforming Lives
In 2025, we deepened our impact through 3 (three) flagship Safe, decent housing is foundational to human dignity—yet
programs that brought together our people, partners, and millions of Indonesian families still lack access to adequate
portfolio companies in service of a shared purpose. shelter. On 31 May 2025, Saratoga reinforced its commitment
to inclusive community development through CEO Build 2025,
Honoring Traditions, Embracing Community a flagship partnership with Habitat for Humanity Indonesia that
advances practical solutions for Indonesia’s housing challenges.
Every year, Saratoga comes together to share the spirit of Indonesia’s
most cherished religious celebrations with those who need it most. Under the theme “Board Room Leaders, Community Builders",
In 2025, we continued this meaningful tradition by reaching out the initiative was led by Saratoga’s President Commissioner,
to elderly residents—a generation that has given so much to our Edwin Soeryadjaya, and brought together 58 (fifty eight) CEOs
society and deserves to be remembered and cared for. and senior leaders from leading companies and educational
institutions. Side by side, these executives traded boardrooms for
During Ramadhan, our team mobilized to support 785 building sites, demonstrating that true leadership means showing
underprivileged elderly residents in Jatinegara, East Jakarta. Through up—not just directing from a distance.
internal fundraising efforts, we provided each recipient with a food
package (sembako) and a warm iftar dinner box—ensuring they Through Saratoga's direct contributions, we were able to fully
could observe the holy month with nourishment and the knowledge fund the construction of three homes. In addition, our broader
that they were not forgotten. For many of these elderly residents, fundraising efforts helped raise funds for the construction of a
these simple gifts represented more than sustenance; they were a total of 35 new, safe, and livable homes in Kadumanggu Village,
reminder that their community stands with them. Babakan Madang, Bogor—providing safe and sturdy housing for
38 families and improving the quality of life for approximately
As the year drew to a close, we celebrated Christmas alongside 96 171 individuals. For these families, a new home means security,
elderly residents at Santa Anna Nursing Home in North Jakarta. stability, and the foundation for a brighter future.
The gathering was filled with warmth, heartfelt conversation, and
genuine connection. Every resident received a personal gift—a CEO Build exemplifies what happens when corporate leaders
small but sincere expression of togetherness and respect. These translate shared purpose into tangible outcomes. By addressing
moments remind us that the greatest gifts we can offer are often Indonesia’s housing challenges one family at a time, we contribute
presence and compassion. to stronger, more resilient communities.
Responding When It Matters Most Advancing the Sustainable Development Goals
When disaster strikes, communities need swift and coordinated Through these initiatives, Saratoga’s social and cultural
support. In December 2025, devastating natural disasters affected programs contribute directly to the United Nations Sustainable
families across Aceh, West Sumatera, and North Sumatera. Saratoga Development Goals—particularly SDG 1 (No Poverty) and SDG 11
immediately mobilized a collaborative relief effort, bringing together (Sustainable Cities and Communities). By supporting vulnerable
resources from across our organization and portfolio companies to populations, responding to crises, and building pathways to
help those in urgent need. better living conditions, we help create a more equitable and
inclusive society.
Through the combined commitment of Saratoga, MPMX, MDKA, and
TBIG group, we mobilized to support immediate relief operations. Looking ahead, we remain steadfast in our belief that business
Prioritizing speed, efficiency, and impact: funds were directed toward can—and must—be a force for good. Every food package
the procurement of essential supplies—food, clothing, hygiene kits, delivered, every home built, and every community supported
and safety equipment—sourced through authorized distributors brings us closer to a future where prosperity is shared and no one
near our logistics hub to minimize costs and delivery times. is left behind.
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Corporate Social
Responsibility
Environmental Stewardship
PT Saratoga Investama Sedaya Tbk.
The environmental challenges of our time—climate change, environmental awareness and action reach every corner of
resource depletion, and ecosystem degradation—demand more Indonesian society.
than incremental action. They call for transformative leadership and
collective commitment. At Saratoga, we recognize that long-term 2025: Empowering Educators to Multiply Impact
business success is inseparable from environmental responsibility.
Our approach goes beyond compliance; we actively invest in In 2025, we evolved our approach with a strategic focus on
2025 Annual Report
initiatives that protect natural resources, reduce ecological impact, educators and school leadership—recognizing that teachers hold
and inspire the next generation to build a more sustainable world. unparalleled power to shape environmental values and behaviors
at scale. With 44 (fourty-four) participants representing 15
Working alongside our investee companies—particularly those (fifteen) provinces across Indonesia, this year’s Green Leader
operating in natural resource-based sectors—we continuously program specifically targeted teachers from kindergarten
strengthen our environmental programs and deepen our through high school, along with school management teams, with
contributions toward a sustainable future. Through strategic a clear mandate: learn, apply, and multiply.
partnerships with government agencies, local communities,
educational institutions, and sustainability-focused organizations, Beyond building personal awareness, we trained and encouraged
we amplify our impact and foster collective action toward shared every participant to integrate sustainability principles into
environmental goals. their classrooms and school operations. When a single teacher
embraces environmental education, the impact ripples outward
Green Leader Program: Cultivating Environmental to hundreds—even thousands—of students over a career. By
Champions equipping educators with practical tools and inspiring curricula,
we are planting seeds of environmental consciousness that will
At the heart of Saratoga’s environmental commitment is the grow for generations to come.
Green Leader Program—our flagship initiative designed to
nurture a new generation of environmentally conscious leaders. Contributing to Global Sustainability Goals
Launched in 2015, this program equips participants with the
knowledge, skills, and networks needed to drive meaningful Through the Green Leader Program and our broader environmental
change in their communities and beyond. initiatives, Saratoga actively advances the United Nations
Sustainable Development Goals (SDGs). Our contributions align
Through comprehensive training, expert mentorship, and directly with four critical SDGs:
hands-on project experience, Green Leader participants gain
deep understanding of pressing environmental issues—from • SDG 7: Affordable and Clean Energy—Promoting renewable
climate science and resource management to circular economy energy adoption and energy efficiency practices across
principles and sustainable innovation. But knowledge alone is not communities and organizations.
enough. We challenge every participant to translate their learning • SDG 12: Responsible Consumption and Production—
into action by designing and implementing practical solutions Encouraging sustainable resource use and circular economy
that address real sustainability challenges in their local contexts. approaches that minimize waste and maximize value.
• SDG 13: Climate Action—Building capacity for climate
A Decade of Growing Impact adaptation and mitigation at the community level, empowering
local solutions to global challenges.
Over the past ten years, the Green Leader Program has grown into • SDG 15: Life on Land—Supporting biodiversity conservation
one of Indonesia’s most far-reaching environmental leadership and sustainable land management practices that protect
initiatives. The numbers tell a compelling story of scale and Indonesia’s rich natural heritage.
diversity: 11 cohorts trained since 2015, producing 654 agents
of change who now carry forward the mission of environmental Looking Ahead
stewardship. These Green Leaders represent 29 provinces across
Indonesia—from Aceh to Papua—creating a truly national Environmental stewardship is not a destination but a continuous
network of sustainability advocates. journey. As we look to the future, Saratoga remains committed
to expanding the reach and deepening the impact of our
Our alumni come from remarkably diverse backgrounds: teachers environmental programs. We will continue investing in people—
and university lecturers shaping young minds, corporate because we believe that lasting environmental change begins
professionals embedding sustainability into business practices, with empowered individuals who have the knowledge, passion,
dedicated environmentalists and researchers advancing the and tools to make a difference. Together with our growing
field, religious leaders inspiring their congregations, and students community of Green Leaders, partners, and stakeholders, we
and entrepreneurs bringing fresh energy and innovation to are building a more sustainable, resilient, and inclusive future for
the movement. This diversity is our strength—it ensures that Indonesia and beyond.
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DISCIPLINED EXECUTION, UNLOCKING GROWTH
CSR Allocation for 2025
PT Saratoga Investama Sedaya Tbk.
Saratoga's commitment to sustainability is demonstrated through We have prepared a comprehensive disclosure of our ESG
meaningful financial investment. Our support for all initiatives commitments, encompassing key initiatives and CSR programs,
undertaken in 2025 under our CSR platform is reflected in the which is detailed in a separate publication—Saratoga 2025
following allocations: Sustainability Report. This extensive report serves as an integral
complement to our 2025 Annual Report, providing in-depth
Program Category Budget (IDR) information on Saratoga’s impactful contributions surrounding
2025 Annual Report
ESG aspects. Through this report, readers can explore how
Community Empowerment 875,000,000
Saratoga continues to broaden its sustainability footprint,
Social and Cultural Development 1,434,913,393 strengthen stakeholder engagement, and foster collective efforts
Environmental Preservation 250,000,000 that drive meaningful, measurable impacts aimed at creating a
more resilient and sustainable future for the generations to come.
Total 2,559,913,393
Employee Safety and Welfare
Recognizing that human capital is our most valuable asset, Competitive Compensation and Benefits
Saratoga places the highest priority on creating a vibrant, safe,
and supportive work environment. Our commitment to our people Beyond establishing a safe work environment, Saratoga is strongly
extends beyond competitive compensation; it encompasses their committed to recognizing the dedication and contributions
physical safety, professional development, and overall well-being. of its employees through a comprehensive and competitive
remuneration structure. We strive to ensure that our compensation
Commitment to Workplace Safety and benefits meet the general provisions on employment.
In line with our commitment to achieving a zero-accident Our employees are entitled to a competitive salary structure
workplace, we have implemented comprehensive safety protocols complemented a wide range of benefits, including comprehensive
and procedures throughout our operations. These measures are health insurance coverage for employees and their families,
designed to ensure that every employee fully understands and paid vacation and leave entitlements, retirement and pension
consistently adheres to established safety standards. programs, and various employee support initiatives designed to
promote work-life balance.
To uphold a culture of safety and preparedness, we have
integrated fundamental safety requirements across all facilities. Saratoga continuously reviews and enhances its remuneration
This includes the provision of fire extinguishers, clearly marked policies to align with market developments and employee
and easily accessible emergency exits, comprehensive evacuation needs, ensuring that our people feel valued, motivated, and fairly
procedures, and fully equipped first-aid kits. Through continuous rewarded. This holistic approach to compensation and benefits
monitoring, training, and ongoing awareness programs, Saratoga reflects our enduring commitment to employee welfare, long-
strives to foster a proactive safety culture that protects our term retention, and the cultivation of a high-performing, engaged
people, safeguards our assets, and ensures the continuity of our workforce.
operations.
For detailed information on our employment initiatives, please
refer to the Human Capital Section of this 2025 Annual Report or
2025 Sustainability Report.
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Statement of Responsibility
by the Members of the Board of Commissioners
and the Board of Directors
We, the undersigned, do hereby declare that all information in the 2025 Annual Report of
PT Saratoga Investama Sedaya Tbk. are presented in full and that we are fully accountable
for the accuracy of the information contained in said Annual Report.
We attest to the integrity of this statement.
Jakarta, 10 April 2026
Board of Commissioners
EDWIN SOERYADJAYA
President Commissioner
JOYCE SOERYADJAYA KERR INDRA CAHYA UNO
Commissioner Commissioner
ARIA KANAKA STEPHANUS HARJANTO T
Independent Commissioner Independent Commissioner
Board of Directors
MICHAEL W. P. SOERYADJAYA
President Director
LANY DJUWITA WONG DEVIN WIRAWAN
Director Director
Page 115
FINANCIAL STATEMENTS PT Saratoga Investama Sedaya Tbk. and Subsidiaries Consolidated Financial Statements Years Ended 31 December 2025 and 2024
Page 116
Page 117
PT SARATOGA INVESTAMA SEDAYA Tbk
DAN ENTITAS ANAK /
PT SARATOGA INVESTAMA SEDAYA Tbk
AND SUBSIDIARIES
LAPORAN KEUANGAN KONSOLIDASIAN /
CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 /
31 DECEMBER 2025 AND 2024
Page 118
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
DAFTAR ISI CONTENTS
Ekshibit/
Exhibit
Surat Pernyataan Tanggung Jawab Direksi Board of Directors’ Statement of Responsibilities
Laporan Keuangan Konsolidasian Consolidated Financial Statements
31 Desember 2025 dan 2024: as of 31 December 2025 and 2024:
Laporan Posisi Keuangan Konsolidasian A Consolidated Statements of Financial Position
Laporan Laba Rugi dan Penghasilan Komprehensif Lain Consolidated Statements of Profit or Loss and
Konsolidasian B Other Comprehensive Income
Laporan Perubahan Ekuitas Konsolidasian C Consolidated Statements of Changes in Equity
Laporan Arus Kas Konsolidasian D Consolidated Statements of Cash Flows
Catatan atas Laporan Keuangan Konsolidasian E Notes to the Consolidated Financial Statements
Laporan Auditor Independen Independent Auditors’ Report
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Ekshibit A Exhibit A
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DESEMBER 2025 AND 2024 31 DECEMBER 2025 AND 2024
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Catatan/ 31 Desember/ 31 Desember/
Notes December 2025 December 2024
ASET ASSETS
Kas dan setara kas 3a,3c,4 966.366 1.532.633 Cash and cash equivalents
Kas yang dibatasi penggunaannya 3a 1.125 1.012 Restricted cash
Piutang, neto Receivables, net
Pihak tidak berelasi 3a 438 2.077 Non-related parties
Pihak berelasi 3a,3b,15 731.256 599.127 Related parties
Pajak dibayar di muka 7a 5.802 4.751 Prepaid taxes
Investasi pada saham 5 56.742.393 51.912.192 Investments in shares
Investasi pada efek lainnya 6 3.916.234 3.633.699 Investments in other securities
Properti investasi 109.642 108.964 Investment properties
Aset lainnya 37.586 47.402 Other assets
JUMLAH ASET 62.510.842 57.841.857 TOTAL ASSETS
LIABILITAS LIABILITIES
Utang lainnya 3a 25.869 5.576 Other payables
Utang pajak penghasilan 7b 15.626 5.856 Income tax payables
Utang pajak lainnya 7c 1.265 632 Other tax payables
Pendapatan diterima dimuka 4.442 3.189 Unearned revenue
Pinjaman 3a,8 1.450.471 3.213.975 Borrowings
Liabilitas pajak tangguhan, neto 7e 2.053.719 2.802.943 Deferred tax liabilities, net
Liabilitas imbalan kerja 40.616 36.878 Employee benefits liabilities
JUMLAH LIABILITAS 3.592.008 6.069.049 TOTAL LIABILITIES
EKUITAS EQUITY
Modal saham dengan nilai nominal Rp20 (Rupiah Share capital at par value Rp20
penuh) per saham (whole Rupiah) per share
Modal dasar 48.833.400.000 lembar saham Authorized capital 48,833,400,000 shares
Modal ditempatkan dan disetor penuh Issued and fully paid-up capital
13.564.835.000 lembar saham 9 271.297) 271.297) 13,564,835,000 shares
Tambahan modal disetor 10 5,184,75.184.710) 5.184.710) Additional paid-in capital
Saham tresuri 3d,9 (9.833) (13.310) Treasury stocks
Akumulasi pembayaran berbasis saham 3i 36.373) 35.757) Accumulated share-based payments
Selisih penjabaran laporan keuangan Difference in translation of
dalam mata uang asing 3e 64.526) 50.270) financial statements in foreign currency
Komponen ekuitas lainnya 139.396) 132.748) Other equity components
Saldo laba: Retained earnings:
Dicadangkan 70.000) 65.000) Appropriated
Tidak dicadangkan 53.134.049) 46.019.625 Unappropriated
EKUITAS YANG DIATRIBUSIKAN KEPADA PEMILIK EQUITY ATTRIBUTABLE TO
PERUSAHAAN 58.890.518) 51.746.097) OWNERS OF THE COMPANY
Kepentingan nonpengendali 2f,11 28.316) 26.711) Non-controlling interests
JUMLAH EKUITAS 58.918.834) 51.772.808) TOTAL EQUITY
JUMLAH LIABILITAS DAN EKUITAS 62.510.842) 57.841.857) TOTAL LIABILITIES AND EQUITY
Lihat Catatan atas Laporan Keuangan Konsolidasian See Notes to The Consolidated Financial Statements on
di Ekshibit E terlampir yang merupakan bagian tidak terpisahkan the accompanying Exhibit E which are an integral part
dari laporan keuangan konsolidasian secara keseluruhan of the consolidated financial statements taken as a whole
Page 121
Ekshibit B Exhibit B
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
KOMPREHENSIF LAIN KONSOLIDASIAN AND OTHER COMPREHENSIVE INCOME
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Tahun berakhir 31 Desember/
Catatan/ Years ended 31 December
Notes 2025 2024
Keuntungan neto atas investasi pada saham dan Net gain on investments in shares and
efek lainnya 12a 4.139.792 1.478.187 other securities
Penghasilan dividen dan bunga 3b,12b 2.866.727 3.849.103 Dividend and interest income
Penghasilan lainnya 11.174 14.998 Other income
Perubahan nilai wajar properti investasi 678 476 Changes in fair value of investment properties
Beban usaha 13 (232.558) (232.424) Operating expenses
Beban lainnya (10.564) (9.466) Other expenses
Kerugian neto selisih kurs 3e (1.043) (32.143) Net loss on exchange rate differences
Kerugian neto atas instrumen keuangan derivatif Net loss on other derivative financial
lainnya 3a (387) (318) instruments
Beban bunga 3a (165.202) (153.187) Interest expenses
LABA SEBELUM PAJAK 6.608.617 4.915.226 PROFIT BEFORE TAX
Manfaat (beban) pajak penghasilan 3f,7f Income tax benefit (expense)
Kini (35.653) (9.217) Current
Tangguhan 749.362 (1.614.513) Deferred
713.709 (1.623.730)
LABA TAHUN BERJALAN 7.322.326 3.291.496 PROFIT FOR THE YEAR
PENGHASILAN KOMPREHENSIF LAIN: OTHER COMPREHENSIVE INCOME:
Pos yang tidak akan direklasifikasikan ke Item that will never be reclassified
laba rugi to profit or loss
Pengukuran kembali atas kewajiban imbalan Remeasurements of defined benefits obligation,
pasti, setelah dikurangi pajak 488 74 net of tax
Pos yang akan direklasifikasikan ke Item that will be reclassified subsequently
laba rugi to profit or loss
Selisih penjabaran laporan keuangan dalam Difference in translation of financial
mata uang asing 3e 14.256 26.382 statements in foreign currencies
JUMLAH PENGHASILAN KOMPREHENSIF LAIN 14.744 26.456 TOTAL OTHER COMPREHENSIVE INCOME
TOTAL COMPREHENSIVE INCOME
JUMLAH LABA KOMPREHENSIF TAHUN BERJALAN 7.337.070 3.317.952 FOR THE YEAR
Laba tahun berjalan yang diatribusikan kepada: Profit for the year attributable to:
Pemilik Perusahaan 7.318.796 3.290.197 Owners of the Company
Kepentingan nonpengendali 3.530 1.299 Non-controlling interests
7.322.326 3.291.496
Jumlah laba komprehensif tahun berjalan yang Total comprehensive income
diatribusikan kepada: for the year attributable to:
Pemilik Perusahaan 7.333.540 3.316.653 Owners of the Company
Kepentingan nonpengendali 3.530 1.299 Non-controlling interests
7.337.070 3.317.952
Laba per saham (Rupiah penuh): Earning per share (whole Rupiah):
Dasar 14a 540 243 Basic
Dilusian 14b 538 240 Diluted
Lihat Catatan atas Laporan Keuangan Konsolidasian See Notes to The Consolidated Financial Statements on
di Ekshibit E terlampir yang merupakan bagian tidak terpisahkan the accompanying Exhibit E which are an integral part
dari laporan keuangan konsolidasian secara keseluruhan of the consolidated financial statements taken as a whole
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Ekshibit C/1 Exhibit C/1
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Ekuitas yang diatribusikan kepada pemilik Perusahaan/Equity attributable to owners of the Company
Selisih
penjabaran
laporan
keuangan
dalam mata
uang asing/
Akumulasi Difference
Tambahan pembayaran in translation Komponen
modal berbasis of ekuitas Saldo laba/ Kepentingan
Modal disetor/ Saham saham/ financial lainnya/ Retained earnings nonpengendali/ Jumlah
saham/ Additional tresuri/ Accumulated statements in Other Tidak Non- ekuitas/
Catatan/ Share paid-in Treasury share-based foreign equity Dicadangkan/ dicadangkan/ Jumlah/ controlling Total
Notes capital capital stocks payments currency components Appropriated Unappropriated Total interests equity
Saldo pada tanggal 31 Desember 2024 271.297 5.184.710 (13.310) 35.757 50.270 132.748) 65.000 46.019.625 51.746.097 26.711) 51.772.808 Balance as of 31 December 2024
Perubahan saham tresuri 3d, 9 - - 3.477 - - 4.878) - - 8.355 - 8.355 Changes in treasury stocks
Pembayaran berbasis saham 3i - - - 616 - - - - 616 - 616 Share-based payments
Komponen ekuitas lainnya - - - - - 1.770) - - 1.770 - 1.770 Other equity components
Pencadangan saldo laba 9 - - - - - - 5.000 (5.000) - - - Appropriation of retained earnings
Pembagian dividen 9 - - - - - - - (199.860) (199.860) (1.925) (201.785) Distribution of dividend
Laba tahun berjalan - - - - - - - 7.318.796 7.318.796 3.530 7.322.326 Profit for the year
Penghasilan komprehensif lain - - - - 14.256 - - 488 14.744 - 14.744 Other comprehensive income
Saldo pada tanggal 31 Desember 2025 271.297 5.184.710 (9.833) 36.373 64.526 139.396 70.000 53.134.049 58.890.518 28.316 58.918.834 Balance as of 31 December 2025
Lihat Catatan atas Laporan Keuangan Konsolidasian di Ekshibit E terlampir yang merupakan See Notes to The Consolidated Financial Statements on the accompanying Exhibit E which are
bagian tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan an integral part of the consolidated financial statements taken as a whole
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Ekshibit C/2 Exhibit C/2
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Ekuitas yang diatribusikan kepada pemilik Perusahaan/Equity attributable to owners of the Company
Selisih
penjabaran
laporan
keuangan
dalam mata
uang asing/
Akumulasi Difference
Tambahan pembayaran in translation Komponen
modal berbasis of ekuitas Saldo laba/ Kepentingan
Modal disetor/ Saham saham/ financial lainnya/ Retained earnings nonpengendali/ Jumlah
saham/ Additional tresuri/ Accumulated statements in Other Tidak Non- ekuitas/
Catatan/ Share paid-in Treasury share-based foreign equity Dicadangkan/ dicadangkan/ Jumlah/ controlling Total
Notes capital capital stocks payments currency components Appropriated Unappropriated Total interests equity
Saldo pada tanggal 31 Desember 2023 271.297 5.184.710 (18.574) 29.020 23.888 126.125 60.000 43.032.157 48.708.623 79.601 48.788.224 Balance as of 31 December 2023
Perubahan saham tresuri 3d, 9 - - 5.264 - - 6.623 - - 11.887 - 11.887 Changes in treasury stocks
Pembayaran berbasis saham 3i - - - 6.737 - - - - 6.737 - 6.737 Share-based payments
Setoran modal dari kepentingan nonpengendali - - - - - - - - - 24.505 24.505 Capital contribution from non-controlling interest
Peningkatan kepemilikan di entitas anak yang tidak merubah
pengendalian - - - - - - - - - (78.737 ) (78.737) Ownership increase in a subsidiary without a change in control
Komponen ekuitas lainnya - - - - - - - - - 43 43 Other equity components
Pencadangan saldo laba 9 - - - - - - 5.000 (5.000) - - - Appropriation of retained earnings
Pembagian dividen 9 - - - - - - - (297.803) (297.803) - (297.803) Distribution of dividend
Laba tahun berjalan - - - - - - - 3.290.197 3.290.197 1.299 3.291.496 Profit for the year
Penghasilan komprehensif lain - - - - 26.382 - - 74 26.456 - 26.456 Other comprehensive income
Saldo pada tanggal 31 Desember 2024 271.297 5.184.710 (13.310) 35.757 50.270 132.748 65.000 46.019.625 51.746.097 26.711 51.772.808 Balance as of 31 December 2024
Lihat Catatan atas Laporan Keuangan Konsolidasian di Ekshibit E terlampir yang merupakan See Notes to The Consolidated Financial Statements on the accompanying Exhibit E which are
bagian tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan an integral part of the consolidated financial statements taken as a whole
Page 124
Ekshibit D Exhibit D
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Tahun berakhir 31 Desember/
Years ended 31 December
Catatan/
Notes 2025 2024
Arus kas dari aktivitas operasi Cash flows from operating activities
Penerimaan dividen 2.510.415 4.247.922 Receipts of dividends
Proceeds from withdrawal of
Penerimaan dari penarikan atas investasi pada investments in shares and other
saham dan efek lainnya 1.792.437 712.091 securities
Penerimaan pendapatan bunga dan lainnya 161.371 62.459 Receipts of interest income and others
Pembayaran bunga (176.921) (138.434) Interest paid
Purchases of investments in shares and
Penempatan investasi pada saham dan efek lainnya (2.765.451) (5.771.778) other securities
Penambahan piutang (26.651) (8.550) Addition of receivable
Pengembalian piutang 89.463 77.585 Settlement of receivable
Pembayaran kepada karyawan (118.362) (116.511) Payments to employees
Pembayaran pajak penghasilan (25.883) (5.005) Income tax paid
Pembayaran kas untuk aktivitas operasi lainnya (56.137) (91.263) Cash payments for other operating activities
Kas neto dari (untuk) aktivitas operasi 1.384.281 (1.031.484) Net cash from (for) operating activities
Arus kas dari aktivitas investasi Cash flows from investing activities
Pembayaran perolehan aset tetap (10.081) (17.992) Acquisition of fixed assets paid
Penerimaan dari penjualan aset tetap 4 75 Proceed from sale of fixed assets
Kas neto untuk aktivitas investasi (10.077) (17.917) Net cash for investing activities
Arus kas dari aktivitas pendanaan Cash flows from financing activities
Penerimaan dari pinjaman bank 8 2.931.310 3.532.569 Proceeds from bank loans
Pembayaran pinjaman bank 8 (4.685.702) (1.294.625) Repayment of bank loans
Pembayaran dividen 9 (199.860) (297.803) Payment of dividends
Pembayaran dividen kepada kepentingan Payment of dividend to non-controlling
nonpengendali (1.925) - interest
Perubahan pada kas yang dibatasi penggunaannya (113) 1.489 Changes in restricted cash
Penerimaan setoran modal dari kepentingan Capital contribution from non-controlling
nonpengendali - 24.505 interest
Pengembalian modal ke kepentingan nonpengendali - (78.737) Capital refund to a non-controlling interest
Kas neto (untuk) dari aktivitas pendanaan (1.956.290) 1.887.398 Net cash (for) from financing activities
Net (decrease) increase in cash and cash
(Penurunan) kenaikan neto kas dan setara kas (582.086) 837.997 equivalents
Pengaruh perubahan selisih kurs dari kas dan Effect of changes in exchange rates on cash
setara kas 15.819 29.411 and cash equivalents
Cash and cash equivalents at beginning of
Kas dan setara kas pada awal tahun 1.532.633 665.225 the year
Cash and cash equivalents at end of the
Kas dan setara kas pada akhir tahun 4 966.366 1.532.633 year
Lihat Catatan atas Laporan Keuangan Konsolidasian See Notes to The Consolidated Financial Statements on
di Ekshibit E terlampir yang merupakan bagian tidak terpisahkan the accompanying Exhibit E which are an integral part
dari laporan keuangan konsolidasian secara keseluruhan of the consolidated financial statements taken as a whole
Page 125
Ekshibit E/1 Exhibit E/1
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM 1. GENERAL
a. Pendirian Perusahaan dan informasi lainnya a. Establishment of the Company and other
information
PT Saratoga Investama Sedaya Tbk. (“Perusahaan”) PT Saratoga Investama Sedaya Tbk. (the “Company”)
didirikan di Jakarta berdasarkan Akta Notaris No. 41 was established in Jakarta based on Notarial Deed
tanggal 17 Mei 1991 juncto Akta Notaris No. 33 No. 41 dated 17 May 1991 in conjunction with
tanggal 13 Juli 1992, keduanya dari Ny. Rukmasanti Notarial Deed No. 33 dated 13 July 1992, both of
Hardjasatya, S.H., Notaris di Jakarta. Akta Pendirian Ny. Rukmasanti Hardjasatya, S.H., Notary in Jakarta.
Perusahaan tersebut telah memperoleh persetujuan The Deed of Establishment was approved by the
dari Menteri Kehakiman (sekarang Menteri Hukum) Minister of Justice (now known as the Minister of
Republik Indonesia berdasarkan Surat Keputusan Law) of the Republic of Indonesia by virtue of decree
No.C2–10198.HT.01.01.TH92 tanggal 15 Desember No.C2-10198.HT.01.01.TH92 dated 15 December 1992
1992 dan telah diumumkan dalam Berita Negara and was published in the State Gazette of the
Republik Indonesia No. 19 tanggal 5 Maret 1993, Republic of Indonesia No. 19 dated 5 March 1993,
Tambahan No.973. Supplement No.973.
Anggaran Dasar Perusahaan telah mengalami The Company’s Articles of Association have been
beberapa kali perubahan dimana yang terakhir amended several times, most recently by the
diubah berdasarkan Akta Pernyataan Keputusan statement of the General Meeting of Shareholders of
Rapat Umum Pemegang Saham PT Saratoga PT Saratoga Investama Sedaya Tbk. Notarial Deed No.
Investama Sedaya Tbk. No. 21 tanggal 4 Juli 2025, 21 dated 4 July 2025, made before Jose Dima Satria,
yang dibuat dihadapan Notaris Jose Dima Satria, S.H., M.Kn., a Notary in Jakarta regarding the
S.H., M.Kn., Notaris di Jakarta mengenai perubahan amendment to article 16 paragraph 2 and article 19
pasal 16 ayat 2 dan pasal 19 ayat 2 tentang paragraph 2 concerning the appointment of directors
pengangkatan anggota direksi dan dewan komisaris and board of commissioners as have been accepted
dan telah diterima serta dicatat di dalam database and registered into the database of Administrative
sistem Administrasi Hukum Umum Kementerian System for Legal Entities of the Ministry of Law of
Hukum Republik Indonesia sebagaimana tercantum the Republic of Indonesia as stated in Letter of
dalam Surat Penerimaan Pemberitahuan Perubahan Receipt Notification of the Company’s Article of
Anggaran Dasar Perusahaan No. AHU-AH.01.03- Association Amendments No AHU-AH.01.03-0183821
0183821 tanggal 14 Juli 2025. dated 14 July 2025.
Perusahaan berkedudukan di Jakarta Selatan dengan The Company is domiciled in South Jakarta, with its
alamat di Menara Karya Lantai 15, Jl. H.R. Rasuna address at Menara Karya 15th Floor, Jl. H.R. Rasuna
Said Blok X-5, Kav.1-2. Perusahaan memulai Said Block X-5, Kav.1-2. The Company commenced its
kegiatan komersialnya pada tahun 1992. commercial activities in 1992.
Kegiatan usaha Perusahaan adalah: (a) melakukan The Company’s scope of activities are: (a) conducting
aktivitas perusahaan holding dimana kegiatan the activities of the holding company where its main
utamanya adalah kepemilikan dan/atau penguasaan activities are the ownership and/or possession of the
aset dari sekelompok entitas anaknya, dan (b) assets of its group of subsidiary companies, and (b)
melakukan aktivitas konsultasi manajemen lainnya conducting other management consulting activities in
dimana kegiatan utamanya (sebagaimana relevan) which the main activities (as relevant) are: (i)
adalah: (i) memberikan bantuan nasihat, bimbingan providing advisory assistance, guidance and
dan operasional usaha serta permasalahan organisasi operational operations and other organizational and
dan manajemen lainnya, seperti perencanaan management issues, such as strategy and
strategi dan organisasi, keputusan berkaitan dengan organizational planning, financial-related decisions,
keuangan, tujuan dan kebijakan pemasaran, marketing objectives and policies, planning,
perencanaan, praktik dan kebijakan sumber daya practices and human resources policy, scheduling
manusia, perencanaan penjadwalan dan planning and production control, and (ii) providing
pengontrolan produksi, dan (ii) memberikan bantuan advisory assistance, guidance and operation of
nasihat, bimbingan dan operasional berbagai fungsi various management functions, management
manajemen, konsultasi manajemen oleh agronomist consulting by agronomist and agricultural economist
dan agricultural economist pada bidang pertanian on agriculture and assessment of accounting methods
dan sejenisnya, rancangan dari metode dan prosedur and procedures, cost accounting program, budget
akuntansi, program akuntansi biaya, prosedur supervision procedures, giving advice and assistance
pengawasan anggaran belanja, pemberian nasihat for business and community services in planning,
dan bantuan untuk usaha dan pelayanan masyarakat organizing, efficiency and supervision, management
dalam perencanaan, pengorganisasian, efisiensi dan information and others.
pengawasan, informasi manajemen secara aktif dan
lain-lain.
Page 126
Ekshibit E/2 Exhibit E/2
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
a. Pendirian Perusahaan dan informasi lainnya a. Establishment of the Company and other
(lanjutan) information (continued)
Semua kegiatan ini dilaksanakan secara aktif dalam All those activities are actively performed to achieve
rangka peningkatan kinerja dari portofolio investasi a better outcome for the investment portfolio of the
yang dilakukan oleh Perusahaan. Company.
Induk Perusahaan adalah PT Unitras Pertama. The parent of the Company is PT Unitras Pertama.
Pemegang saham mayoritas akhir Perusahaan adalah The ultimate majority shareholder of the Company is
Tn. Edwin Soeryadjaya. Mr. Edwin Soeryadjaya.
b. Dewan komisaris, direksi, komite audit dan b. Board of commissioners, directors, audit
karyawan committee and employees
Susunan anggota dewan komisaris, direksi dan The members of board of commissioners, directors
komite audit Perusahaan pada tanggal 31 Desember and audit committee of the Company as of
2025 dan 2024 adalah sebagai berikut: 31 December 2025 and 2024 were as follows:
31 Desember 2025 31 December 2025
Dewan komisaris: Board of commissioners:
Presiden Komisaris Edwin Soeryadjaya President Commissioner
Komisaris Joyce Soeryadjaya Kerr Commissioner
Komisaris Indra Cahya Uno Commissioner
Komisaris independen Aria Kanaka Independent Commissioner
Komisaris independen Stephanus Harjanto T Independent Commissioner
Direksi: Directors:
Presiden Direktur Michael W.P. Soeryadjaya President Director
Direktur Lany Djuwita Director
Direktur Devin Wirawan Director
Komite audit: Audit committee:
Ketua Aria Kanaka Chairman
Anggota Hany Gungoro Member
Anggota Basuki Setiogroho, Ak., CA Member
31 Desember 2024 31 December 2024
Dewan komisaris: Board of commissioners:
Presiden Komisaris Edwin Soeryadjaya President Commissioner
Komisaris Joyce Soeryadjaya Kerr Commissioner
Komisaris Indra Cahya Uno Commissioner
Komisaris independen Sidharta Utama Independent Commissioner
Komisaris independen Anangga W. Roosdiono S.H. Independent Commissioner
Direksi: Directors:
Presiden Direktur Michael W.P. Soeryadjaya President Director
Direktur Lany Djuwita Director
Direktur Devin Wirawan Director
Komite audit: Audit committee:
Ketua Anangga W. Roosdiono S.H. Chairman
Anggota Hany Gungoro Member
Anggota Basuki Setiogroho, Ak., CA Member
Pada tanggal 31 Desember 2025 dan 2024 As of 31 December 2025 and 2024, the Company
Perusahaan masing-masing mempekerjakan 67 dan employed 67 and 65 employees (includes directors
65 karyawan (termasuk direksi dan karyawan and contract employees)*, respectively.
kontrak Perusahaan)*.
*Tidak diaudit *Unaudited
Page 127
Ekshibit E/3 Exhibit E/3
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
c. Penawaran umum perdana saham Perusahaan c. The Company’s initial public offering
Pada tanggal 18 Juni 2013, Perusahaan memperoleh On 18 June 2013, the Company received the effective
pernyataan efektif dari Otoritas Jasa Keuangan statement from the Indonesia Financial Services
(OJK) melalui Surat No.S-175/D.04/2013 untuk Authority (OJK) through the Letter
melakukan Penawaran Umum Perdana Saham No.S-175/D.04/2013 to perform the Initial Public
sebanyak 271.297.000 saham biasa atas nama Offering of 271,297,000 common shares with par
dengan nilai nominal Rp100 (Rupiah penuh) per value of Rp100 (whole Rupiah) at the offering price
saham dengan harga penawaran sebesar Rp5.500 of Rp5,500 (whole Rupiah) each share through capital
(Rupiah penuh) per saham melalui pasar modal dan market and the shares were listed on the Indonesia
saham telah dicatatkan pada Bursa Efek Indonesia Stock Exchange on 26 June 2013.
pada tanggal 26 Juni 2013.
d. Program insentif jangka panjang untuk d. Long term incentive program for management and
manajemen dan karyawan employees
Berdasarkan beberapa keputusan edaran di luar In accordance with the circulars resolution in lieu of
rapat Direksi Perusahaan, Direksi telah memutuskan a meeting of the Board of Directors of the Company,
untuk mengalokasikan sebanyak-banyaknya jumlah the Board of Directors approved to allocate a
lembar saham tertentu untuk pelaksanaan Program maximum number of shares for the implementation
Insentif Jangka Panjang sebagai berikut: of the Long Term Incentive Program as follows:
Tanggal keputusan Program Insentif Jangka Panjang/
edaran/Circular resolution date Jumlah lembaran saham/Number of shares Long Term Incentive Program
1 Juli/July 2022 6.242.000 lembar saham/number of shares 2022 - 2025
1 Juli/July 2023 13.247.000 lembar saham/number of shares 2023 – 2026
1 Juli/July 2024 13.902.000 lembar saham/number of shares 2024 – 2027
1 Juli/July 2025 14.605.000 lembar saham/number of shares 2025 – 2028
Pemberian saham sebagaimana diuraikan diatas The share grants as described above were allocated
dialokasikan berdasarkan 50% time vested dan 50% based on 50% time vested and 50% performance
vested.
performance vested.
e. Entitas anak e. Subsidiaries
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, the Company
Perusahaan mengkonsolidasikan entitas anak consolidated the following subsidiaries:
berikut ini:
Persentase kepemilikan/ Mulai beroperasi Jumlah aset sebelum eliminasi/
Percentage of ownership komersial/ Total assets before elimination
Kegiatan usaha/ 31 Desember / 31 Desember / Commencement of 31 Desember / 31 Desember /
Entitas anak/ Domisili/ Nature of December 2025 December 2024 commercial December 2025 December 2024
Subsidiaries Domicile activities % % operations Rp Rp
Kepemilikan langsung / Direct ownership
Jasa investasi/
PT Saratoga Sentra Business (SSB) Jakarta 99,99 99,99 2005 122.936 645.658
Investment services
Jasa investasi/
PT Nugraha Eka Kencana (NEK) Jakarta 99,99 99,99 2003 2.512.936 1.439.708
Investment services
Jasa investasi/
PT Wahana Anugerah Sejahtera (WAS) Jakarta 99,96 99,96 2005 20.326.835 16.436.004
Investment services
Jasa investasi/
PT Bumi Hijau Asri (BHA) Jakarta 99,99 99,99 2007 113.987 135.810
Investment services
Jasa investasi/
PT Wana Bhakti Sukses Mineral (WBSM) Jakarta 73,68 73,68 2007 2.854 2.849
Investment services
Jasa investasi/
PT Trimitra Karya Jaya (TKJ) Jakarta 99,00 99,00 2014 - 643 9.126
Investment services
Jasa investasi/
PT Surya Nuansa Ceria (SNC) Jakarta 99,99 99,99 2015 165.352 347.006
Investment services
Jasa investasi/
PT Lintas Indonesia Sejahtera (LIS) Jakarta 99,99 99,99 2018 102 23.882
Investment services
Jasa investasi/
PT Interra Indo Resources (IIR) Jakarta 93,73 93,73 2004 396.435 370.161
Investment services
Jasa investasi/
PT Sarana Investasi Bersama (SIB) Jakarta 98,84 98,84 2024 319.123 259.957
Investment services
Kepemilikan tidak langsung melalui NEK/
Indirect ownership through NEK
Jasa investasi/
PT Sukses Indonesia (SI) Jakarta 99,99 99,99 2001 1.130.173 1.079.646
Investment services
Page 128
Ekshibit E/4 Exhibit E/4
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
e. Entitas anak (lanjutan) e. Subsidiaries (continued)
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, the Company
Perusahaan mengkonsolidasikan entitas anak consolidated the following subsidiaries: (continued)
berikut ini: (lanjutan)
Persentase kepemilikan/ Mulai beroperasi Jumlah aset sebelum eliminasi/
Percentage of ownership komersial/ Total assets before elimination
Kegiatan usaha/ 31 Desember / 31 Desember / Commencement of 31 Desember 31 Desember /
Entitas anak/ Domisili/ Nature of December 2025 December 2024 commercial December 2025 December 2024
Subsidiaries Domicile activities % % operations Rp Rp
Kepemilikan tidak langsung melalui BHA/
Indirect ownership through BHA
Jasa investasi/
PT Sarana Asri (SA) Jakarta 60,00 60,00 2008 294 294
Investment services
Kepemilikan tidak langsung melalui TKJ/
Indirect ownership through TKJ
Jasa investasi/
PT Saratoga Sentra Business (SSB) Jakarta 0,01 0,01 2005 122.936 645.658
Investment services
Kepemilikan tidak langsung melalui SNC/
Indirect ownership through SNC
Jasa investasi/
PT Nugraha Eka Kencana (NEK) Jakarta 0,01 0,01 2003 2.512.936 1.439.708
Investment services
Jasa investasi/
PT Wahana Anugerah Sejahtera (WAS) Jakarta 0,04 0,04 2005 20.326.835 16.436.004
Investment services
Jasa investasi/
PT Bumi Hijau Asri (BHA) Jakarta 0,01 0,01 2007 113.987 135.810
Investment services
Jasa investasi/
PT Trimitra Karya Jaya (TKJ) Jakarta 1,00 1,00 2014 - 643 9.126
Investment services
Jasa investasi/
PT Sukses Indonesia (SI) Jakarta 0,01 0,01 2001 1.130.173 1.079.646
Investment services
Kepemilikan tidak langsung melalui SI/
Indirect ownership through SI
Singapura/ Jasa investasi/
Alpha Omega Investments Pte. Ltd. (AO) 100 100 2021 1.040.205 984.955
Singapore Investment services
Kepemilikan tidak langsung melalui AO/
Indirect ownership through AO
Jasa investasi/
Baltimore Investments Ltd. (BI) Cayman Islands 100 100 2021 929.673 637.508
Investment services
Singapura/ Jasa manajemen/
PC Propco One Pte. Ltd. (Propco) 100 100 2017 - 346.438
Singapore Management services
Kepemilikan tidak langsung melalui WAS/
Indirect ownership through WAS
Lynwood Hills Investment Solution Pte. Ltd. Singapura/ Jasa investasi/
100 100 2022 14.419.909
- 11.868.720
(LHI) Singapore Investment services
Perusahaan dan entitas anaknya di atas secara The Company and its subsidiaries above are
kolektif disebut sebagai “Grup” di dalam laporan collectively referred to as the “Group” in these
keuangan konsolidasian ini. consolidated financial statements.
2. DASAR PENYUSUNAN LAPORAN KEUANGAN 2. BASIS OF PREPARATION OF THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
a. Pernyataan kepatuhan a. Statement of compliance
Laporan keuangan konsolidasian disusun sesuai The consolidated financial statements have been
dengan Standar Akuntansi Keuangan Indonesia (“SAK prepared in accordance with Indonesian Financial
Indonesia”) dan peraturan Badan Pengawas Pasar Accounting Standards (“SAK Indonesia”) and the
Modal dan Lembaga Keuangan (BAPEPAM-LK, yang Capital Market and Financial Institution Supervisory
fungsinya telah dialihkan kepada OJK sejak tanggal Agency (BAPEPAM-LK, whose function has been
1 Januari 2013) No. VIII.G.7. tentang Penyajian dan transferred to OJK starting 1 January 2013)
Pengungkapan Laporan Keuangan Emiten atau Regulation No. VIII.G.7 regarding the Presentation
Perusahaan Publik, yang terlampir dalam Surat and Disclosure of Financial Statements of Issuers or
Keputusan No. KEP-347/BL/2012 tanggal 25 Juni Public Companies, enclosed in the Decision Letter
2012. No. KEP-347/BL/2012 dated 25 June 2012.
Page 129
Ekshibit E/5 Exhibit E/5
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. DASAR PENYUSUNAN LAPORAN KEUANGAN 2. BASIS OF PREPARATION OF THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
b. Dasar pengukuran b. Basis of measurement
Laporan keuangan konsolidasian disusun atas dasar The consolidated financial statements are prepared
akrual dengan menggunakan konsep nilai historis, on the accrual basis using the historical cost concept,
kecuali ketika standar akuntansi mengharuskan except where the accounting standards require fair
pengukuran nilai wajar. value measurement.
c. Laporan arus kas c. Statement of cash flows
Laporan arus kas konsolidasian disusun dengan The consolidated statement of cash flows is prepared
menggunakan metode langsung (direct method) using the direct method by classifying the cash flows
dengan mengklasifikasikan arus kas berdasarkan on the basis of operating, investing, and financing
aktivitas operasi, investasi, dan pendanaan. activities.
d. Mata uang fungsional dan penyajian d. Functional and presentation currency
Laporan keuangan konsolidasian disajikan dalam The consolidated financial statements are presented
Rupiah, dibulatkan ke dalam jutaan terdekat, yang in Rupiah, rounded to the nearest million which is
merupakan mata uang fungsional Perusahaan. the Company’s functional currency.
e. Penggunaan pertimbangan, estimasi dan asumsi e. Use of judgements, estimates and assumptions
Penyusunan laporan keuangan konsolidasian The preparation of the consolidated financial
mengharuskan manajemen untuk membuat statements requires management to make
pertimbangan, estimasi dan asumsi yang judgements, estimates and assumptions that affect
mempengaruhi penerapan kebijakan akuntansi the application of accounting policies and the
serta jumlah aset, liabilitas, pendapatan dan beban reported amounts of assets, liabilities, income and
yang dilaporkan. Hasil aktual dapat berbeda dari expenses. Actual results may differ from those
nilai-nilai estimasi tersebut. estimated amounts.
Estimasi dan asumsi yang mendasarinya ditinjau Estimates and underlying assumptions are reviewed
secara berkesinambungan. Perubahan terhadap on an ongoing basis. Revisions to estimates are
estimasi diakui secara prospektif. recognised prospectively.
Informasi mengenai pertimbangan kritis dalam Information about critical judgements in applying
penerapan kebijakan akuntansi yang memiliki accounting policies that have the most significant
dampak paling signifikan terhadap jumlah yang effect on the amounts recognized in the
diakui di laporan keuangan konsolidasian termasuk consolidated financial statements includes the
penentuan investee, yang harus dikonsolidasikan determination of investee, to be consolidated in
sesuai PSAK 110 “Laporan Keuangan Konsolidasian” accordance to PSAK 110 “Consolidated Financial
(Catatan 2f). Statements” (Note 2f).
Informasi mengenai ketidakpastian asumsi dan Information about the assumptions and estimation
estimasi yang dapat mengakibatkan penyesuaian uncertainties that may result in a material
material pada tahun berikutnya termasuk: adjustment within the following year includes:
- Catatan 7e, pengakuan aset pajak tangguhan: - Note 7e, recognition of deferred tax assets:
ketersediaan laba fiskal mendatang untuk availability of future taxable profit to enable
memungkinkan Perusahaan mengakui aset the Company to recognize deferred tax assets
pajak tangguhan atas kompensasi rugi fiskal; for tax loss carry forwards; and
dan
- Catatan 17, pengukuran nilai wajar, baik untuk - Note 17, the measurement of fair values, for
aset dan liabilitas keuangan dan nonkeuangan. both financial and non-financial assets and
liabilities.
Page 130
Ekshibit E/6 Exhibit E/6
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. DASAR PENYUSUNAN LAPORAN KEUANGAN 2. BASIS OF PREPARATION OF THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
e. Penggunaan pertimbangan, estimasi dan asumsi e. Use of judgements, estimates and assumptions
(lanjutan) (continued)
Ketika mengukur nilai wajar aset atau liabilitas, When measuring the fair value of an asset or a
Perusahaan menggunakan data pasar yang dapat liability, the Company uses observable market data
diobservasi sejauh dimungkinkan. Nilai wajar to the extent possible. Fair values are determined
ditentukan dengan menggunakan hirarki input using the following hierarchy of inputs used in the
berikut ini yang digunakan dalam teknik penilaian valuation techniques for assets and liabilities:
atas aset dan liabilitas:
• Level 1: kuotasi harga (tanpa disesuaikan) • Level 1: quoted prices (unadjusted) in active
dalam pasar aktif untuk aset atau liabilitas yang markets for identical assets or liabilities.
identik.
• Level 2: input selain kuotasi harga yang • Level 2: inputs, other than quoted prices
termasuk dalam level 1, yang dapat diobservasi, included in Level 1, that are observable, either
baik secara langsung (yaitu harga) atau secara directly (i.e. prices) or indirectly (i.e. derived
tidak langsung (yaitu berasal dari harga lain from other observable prices).
yang dapat diobservasi).
• Level 3: input yang tidak berdasarkan data pasar • Level 3: inputs that are not based on observable
yang dapat diobservasi (input yang tidak dapat market data (unobservable inputs).
diobservasi).
Jika input yang digunakan untuk mengukur nilai If the inputs used to measure the fair value of an
wajar aset atau liabilitas diambil dari berbagai asset or a liability are drawn from a mixture of
sumber yang berbeda atas nilai wajar hirarki, maka different level sources of the fair value hierarchy,
pengukuran nilai wajar untuk seluruh kelas aset then the fair value measurement for the entire class
atau liabilitas dianggap telah dilakukan of the asset or liability is considered to have been
menggunakan level input terendah yang signifikan done using the lowest level input that is significant
atas keseluruhan pengukuran (level 3 menjadi yang to the entire measurement (Level 3 being the
terendah). lowest).
Informasi lebih lanjut tentang input dan asumsi Further information about the significant inputs and
signifikan yang digunakan dalam mengukur nilai assumptions made in measuring fair values is
wajar diungkapkan di Catatan 17. disclosed in Note 17.
f. Prinsip konsolidasi f. Principles of consolidation
Entitas anak adalah entitas yang dikendalikan oleh Subsidiaries are entities controlled by the Group both
Grup baik secara langsung maupun tidak langsung. directly or indirectly. The Group controls an entity
Grup mengendalikan suatu entitas ketika Grup when it is exposed to, or has rights to, variable
terekpos dengan, atau memiliki hak atas, imbal hasil returns from its involvement with the entity and has
variabel dari keterlibatan Grup dengan entitas dan the ability to affect those returns through its power
memiliki kemampuan untuk mempengaruhi imbal over the entity.
hasil tersebut melalui kekuasaan Grup di entitas.
Perusahaan memenuhi persyaratan sebagai entitas The Company is a qualifying investment entity
investasi kualifikasian sebagaimana diatur dalam stipulated in PSAK 110, “Consolidated Financial
PSAK 110, "Laporan Keuangan Konsolidasian", oleh Statements”, and accordingly investments in
karena itu investasi di entitas yang dikendalikan - controlled entities – as well as investments in
serta investasi dalam entitas asosiasi dan ventura associates and joint ventures are measured at fair
bersama diukur pada nilai wajar melalui laba rugi value through profit or loss (FVTPL) in accordance
(FVTPL) sesuai PSAK 109 dengan pengecualian untuk with PSAK 109 with the exception of subsidiaries that
entitas anak yang dianggap perpanjangan tangan are considered an extension of the Company’s
dari aktivitas investasi Perusahaan (yaitu entitas investing activities (i.e. a subsidiary that is non-
anak yang bukan merupakan entitas investasi (sesuai investment entity (in accordance with PSAK 110)
dengan PSAK 110) yang hanya memberikan jasa which only provides investment management services
manajemen investasi ke Perusahaan). to the Company).
Oleh karena itu, Perusahaan hanya As a result, the Company only consolidates
mengkonsolidasikan entitas anak yang bukan subsidiaries that are non-investment entities (in
merupakan entitas investasi (sesuai dengan PSAK accordance with PSAK 110) which provide investment
110) tetapi memberikan jasa manajemen investasi management services to the Company (see Note 1e for
pada Perusahaan (lihat Catatan 1e untuk daftar the list of consolidated subsidiaries).
entitas anak yang dikonsolidasikan).
Page 131
Ekshibit E/7 Exhibit E/7
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. DASAR PENYUSUNAN LAPORAN KEUANGAN 2. BASIS OF PREPARATION OF THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
f. Prinsip konsolidasi (lanjutan) f. Principles of consolidation (continued)
Kepentingan nonpengendali atas aset neto entitas Non-controlling interests in the net assets of
anak diidentifikasi pada tanggal kombinasi bisnis subsidiaries are identified at the date of business
yang selanjutnya disesuaikan dengan proporsi atas combination and afterwards are adjusted by
perubahan ekuitas entitas anak dan disajikan proportion of changes in equity of subsidiaries and
sebagai bagian dari ekuitas pada laporan posisi presented as a part of equity in the consolidated
keuangan konsolidasian. statement of financial position.
Bila pengendalian berakhir dalam periode berjalan, Where control ceases during a financial period, its
hasil usaha entitas tersebut dimasukkan ke dalam results are included in the consolidated financial
laporan keuangan konsolidasian untuk bagian tahun statements for the part of the year during which
dimana pengendalian masih berlangsung. control existed.
Kebijakan akuntansi yang digunakan dalam The accounting policies adopted in preparing the
penyusunan laporan keuangan konsolidasian telah consolidated financial statements have been
diterapkan secara konsisten oleh Grup dalam semua consistently applied by the Group in all material
hal yang material. respects.
Seluruh transaksi dan saldo yang material antara All material transactions and balances between
perusahaan-perusahaan yang dikonsolidasikan telah consolidated companies have been eliminated,
dieliminasi, termasuk keuntungan dan kerugian hasil including unrealized gains and losses arising from
dari transaksi antar perusahaan yang belum intercompany transactions.
direalisasi.
Perubahan dalam bagian kepemilikan Perusahaan Changes in the Company’s ownership interest in a
pada entitas anak yang dikonsolidasikan yang tidak consolidated subsidiary that do not result in the loss
mengakibatkan hilangnya pengendalian dicatat of control are accounted for as equity transactions.
sebagai transaksi ekuitas. Bagian Perusahaan atas The Company’s share of equity transactions of the
transaksi ekuitas entitas anak tersebut disajikan subsidiaries is presented as "other equity
sebagai "komponen ekuitas lainnya" dalam bagian components" under the equity section of the
ekuitas pada laporan posisi keuangan konsolidasian. consolidated statement of financial position. When
Ketika pengendalian atas entitas anak yang control over a previously consolidated subsidiary is
dikonsolidasikan hilang, bagian kepemilikan yang lost, any remaining interest in the entity is
tersisa di entitas tersebut diukur kembali pada nilai remeasured at fair value and the resulting gain or
wajarnya dan keuntungan atau kerugian yang loss is recognized in profit or loss.
dihasilkan diakui dalam laba rugi.
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
Kebijakan-kebijakan akuntansi berikut ini telah The accounting policies set out below have been applied
diterapkan dengan konsisten untuk semua periode yang consistently to all periods presented in these
disajikan dalam laporan keuangan konsolidasian. consolidated financial statements.
a. Instrumen keuangan b. a. Financial instruments
Suatu instrumen keuangan diakui pada saat Grup A financial instrument is recognized when the
menjadi pihak dari ketentuan kontrak suatu Group becomes a party to the contractual provisions
instrumen keuangan. Aset keuangan dihentikan of the instrument. Financial assets are
pengakuannya pada saat hak kontraktual Grup atas derecognized when the Group’ contractual rights to
arus kas yang berasal dari aset keuangan tersebut the cash flows from the financial assets expire, i.e.
kadaluwarsa, yaitu ketika aset dialihkan kepada when the asset is transferred to another party
pihak lain tanpa mempertahankan pengendalian without retaining control or when substantially all
atau pada saat seluruh risiko dan manfaat telah risks and rewards are transferred. Financial
ditransfer secara substansial. Liabilitas keuangan liabilities are derecognized if the Group’s
dihentikan pengakuannya jika liabilitas Grup obligation expires, or are discharged or cancelled.
kadaluwarsa, atau dilepaskan atau dibatalkan.
Page 132
Ekshibit E/8 Exhibit E/8
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(lanjutan) (continued)
a. Instrumen keuangan (lanjutan) b. a. Financial instruments (continued)
(1) Aset keuangan (1) Financial assets
Saat pengakuan awal, suatu aset keuangan On initial recognition, a financial asset is
diklasifikasikan sebagai diukur pada: biaya classified as measured at: amortized cost;
perolehan diamortisasi; nilai wajar melalui fair value through other comprehensive
penghasilan komprehensif lain (“FVOCI”) – income (“FVOCI”) – debt investment; FVOCI –
investasi dalam efek utang; FVOCI – investasi equity investment; or fair value through
dalam efek ekuitas; atau nilai wajar melalui profit or loss (“FVTPL”). Financial assets are
laba rugi (“FVTPL”). Aset keuangan not reclassified subsequent to their initial
selanjutnya tidak direklasifikasi kecuali Grup recognition unless the Group changes its
mengubah model bisnisnya dalam mengelola business model for managing the financial
aset keuangan tersebut. assets.
Suatu aset keuangan, yang tidak ditetapkan A financial asset, which is not designated as
sebagai diukur pada FVTPL, adalah diukur measured at FVTPL, is measured at amortized
pada biaya perolehan diamortisasi apabila cost if it is held within a business model whose
dikelola dalam model bisnis yang bertujuan objective is to hold assets to collect
untuk memiliki aset keuangan tersebut dalam contractual cash flows and its contractual
rangka mendapatkan arus kas kontraktual dan terms give rise on specified dates to cash flows
persyaratan kontraktual dari aset keuangan that are solely payments of principal and
tersebut menghasilkan arus kas pada tanggal interest on the principal amount outstanding.
tertentu yang semata dari pembayaran pokok
dan bunga dari jumlah pokok terutang.
Suatu investasi dalam efek utang, yang tidak A debt investment, which is not designated as
ditetapkan sebagai diukur pada FVTPL, diukur measured at FVTPL, is measured at amortized
pada biaya perolehan diamortisasi atau FVOCI cost or FVOCI if it is held within a business
apabila dikelola dalam model bisnis yang model whose objective is achieved by both
tujuannya dicapai dengan mendapatkan arus collecting contractual cash flows and selling
kas kontraktual dan menjual aset keuangan financial assets and its contractual terms give
dan persyaratan kontraktual tersebut rise on specified dates to cash flows that are
menghasilkan arus kas pada tanggal tertentu solely payments of principal and interest on
yang semata berasal dari pembayaran pokok the principal amount outstanding.
dan bunga dari jumlah pokok terutang.
Saat pengakuan awal investasi dalam efek On initial recognition of an equity investment
ekuitas yang tidak dimiliki untuk that is not held for trading, the Group may
diperdagangkan, Grup dapat mengambil irrevocably elect to present subsequent
pilihan yang tidak dapat dibatalkan untuk changes in the investment’s fair value in other
menyajikan perubahan selanjutnya pada nilai comprehensive income. This election is made
wajar investasi dalam efek ekuitas tersebut on an investment-by-investment basis.
dalam penghasilan komprehensif lain.
Pemilihan ini dilakukan per setiap investasi.
Seluruh aset keuangan yang tidak All financial assets are not classified as
diklasifikasikan sebagai diukur pada biaya measured at amortized cost or FVOCI as
perolehan diamortisasi atau FVOCI sesuai described above are measured at FVTPL. On
penjelasan di atas adalah diukur pada FVTPL. initial recognition, the Group may irrevocably
Pada pengakuan awal, Grup dapat mengambil designate a financial asset that otherwise
pilihan yang tidak dapat dibatalkan untuk meets the requirements to be measured at
mengukur suatu aset keuangan, yang either amortized cost, FVOCI, or at FVTPL if
memenuhi ketentuan untuk diukur pada doing so eliminates or significantly reduces an
antara biaya perolehan diamortisasi, FVOCI, accounting mismatch that would otherwise
atau FVTPL apabila penetapan tersebut arise.
mengeliminasi atau secara signifikan
mengurangi inkonsistensi pengukuran yang
timbul tanpa penetapan tersebut.
Page 133
Ekshibit E/9 Exhibit E/9
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(lanjutan) (continued)
a. Instrumen keuangan (lanjutan) c. a. Financial instruments (continued)
(1) Aset keuangan (lanjutan) (1) Financial assets (continued)
Aset keuangan Grup yang diukur pada FVTPL The Group’s financial assets measured at
adalah investasi pada saham dan investasi pada FVTPL are investments in shares and
efek lainnya. Aset keuangan tersebut diukur investments in other securities. These financial
pada nilai wajar. Keuntungan dan kerugian assets are measured at fair value. Net gains
neto, termasuk penghasilan bunga atau and losses, including any interest or dividend
dividen, diakui di laba rugi. income, are recognized in profit or loss.
Aset keuangan Grup yang diukur pada biaya The Group’s financial assets measured at
perolehan diamortisasi adalah kas dan setara amortized cost are cash and cash equivalents,
kas, kas yang dibatasi penggunaannya, dan restricted cash, and receivables. These
piutang. Aset keuangan tersebut awalnya financial assets are initially recognized at fair
diakui pada nilai wajar ditambah biaya value plus directly attributable transaction
transaksi yang dapat diatribusikan secara costs and subsequently measured at amortized
langsung dan selanjutnya diukur pada biaya cost using the effective interest method. The
perolehan diamortisasi dengan menggunakan amortized cost is reduced by impairment
metode suku bunga efektif. Biaya perolehan losses. Interest income, foreign exchange gains
diamortisasi dikurangi dengan penurunan nilai. and losses and impairment are recognized in
Penghasilan bunga, keuntungan dan kerugian profit or loss. Any gain or loss on derecognition
nilai tukar, dan penurunan nilai diakui di laba is also recognized in profit or loss.
rugi. Keuntungan atau kerugian dari
penghentian pengakuan juga diakui di laba
rugi.
Grup tidak memiliki aset keuangan yang diukur The Group does not have any financial assets
pada FVOCI. measured at FVOCI.
(2) Liabilitas keuangan (3) (2) Financial liabilities
Liabilitas keuangan diklasifikasikan sebagai Financial liabilities are classified as measured
diukur pada biaya perolehan diamortisasi atau at amortized cost or FVTPL. A financial
pada FVTPL. Suatu liabilitas keuangan liability is classified as measured at FVTPL if
diklasifikasikan sebagai diukur pada FVTPL it is classified as held-for-trading, it is a
apabila dimiliki untuk diperdagangkan, derivative or it is designated as such on initial
merupakan suatu instrumen derivatif atau recognition.
ditetapkan sebagai diukur pada FVTPL pada
pengakuan awalnya.
Liabilitas keuangan Grup lainnya yang diukur The Group’s other financial liabilities
pada biaya perolehan diamortisasi adalah utang measured at amortized cost are other
lainnya dan pinjaman. Liabilitas keuangan payables and borrowings. These financial
tersebut awalnya diakui pada nilai wajar liabilities are initially recognized at fair value
dikurangi biaya transaksi dan selanjutnya deducted transaction costs and subsequently
diukur pada biaya perolehan diamortisasi measured at amortized cost using the
dengan menggunakan metode suku bunga effective interest method. Interest expense
efektif. Biaya bunga dan keuntungan dan and foreign exchange gains and losses are
kerugian nilai tukar diakui di laba rugi. recognized in profit or loss. Any gain or loss
Keuntungan atau kerugian dari penghentian on de-recognition is also recognized in profit
pengakuan juga diakui di laba rugi. or loss.
(3) Penentuan nilai wajar (3) Determination of fair value
Nilai wajar adalah harga yang akan diterima Fair value is the price that would be received
untuk menjual suatu aset atau harga yang akan to sell an asset or the price that would be paid
dibayar untuk mengalihkan suatu liabilitas to transfer a liability in an orderly transaction
dalam transaksi teratur antara pelaku pasar between market participants at the
pada tanggal pengukuran. measurement date.
Page 134
Ekshibit E/10 Exhibit E/10
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(lanjutan) (continued)
a. Instrumen keuangan (lanjutan) d. a. Financial instruments (continued)
(4) Penghentian pengakuan (4) Derecognition
Grup menghentikan pengakuan aset keuangan The Group derecognizes the financial assets
ketika, dan hanya ketika, hak kontraktual atas when, and only when, the contractual rights
arus kas yang berasal dari aset keuangan to receive the cash flows from these financial
tersebut kadaluarsa atau Grup mengalihkan assets have ceased to exist or the Group
seluruh hak kontraktual tersebut di mana transfers such contractual rights, in which
seluruh risiko dan manfaat atas kepemilikan substantially all the risks and rewards of
aset keuangan juga dialihkan. Setiap hak atau ownership of the financial assets are also
kewajiban atas aset keuangan yang dialihkan transferred. Any rights or obligations on the
yang timbul atau yang masih dimiliki oleh Grup transferred financial assets that arise or are
diakui sebagai aset atau liabilitas secara still owned by the Group are recognized as
terpisah. assets or liabilities separately.
Grup menghentikan pengakuan liabilitas The Group derecognizes financial liabilities
keuangan ketika, dan hanya ketika, kewajiban when, and only when, the obligation specified
yang ditetapkan dalam kontrak kadaluarsa, in the contract expires, is discharged or
dilepaskan atau dibatalkan. cancelled.
(5) Salinghapus instrumen keuangan (5) Offsetting financial instruments
Aset keuangan dan liabilitas keuangan dapat Financial assets and liabilities are set-off and
salinghapus dan nilai netonya disajikan dalam the net amount is presented in the statements
laporan posisi keuangan ketika, dan hanya of financial position when, and only when,
ketika, Grup memiliki hak atas dasar hukum the Group has the legal right to set off the
untuk melakukan salinghapus atas jumlah yang amounts and intends either to settle on a net
telah diakui tersebut dan berniat untuk basis or realize the asset and settle the
menyelesaikan secara neto, atau liabilities simultaneously.
merealisasikan aset dan menyelesaikan
liabilitas secara simultan.
(6) Penurunan nilai (6) Impairment
Grup mengakui cadangan untuk kerugian kredit The Group recognizes loss allowances for
ekspektasian (“ECL”) atas aset keuangan expected credit loss (“ECL”) on financial
diukur pada biaya perolehan diamortisasi. ECL assets measured at amortized cost. ECLs are
merupakan suatu perkiraan probabilitas a probability-weighted estimate of credit
tertimbang atas terjadinya kerugian kredit. losses. Credit losses are measured as the
Kerugian kredit diukur sebagai nilai kini atas present value of all cash shortfalls, i.e. the
seluruh kekurangan penerimaan kas, yaitu difference between the cash flows due to the
selisih antara arus kas yang terutang ke Grup Group in accordance with the contract and the
sesuai kontrak dan arus kas yang diharapkan cash flows that the Group expects to receive.
akan diterima Grup. ECL didiskontokan dengan ECLs are discounted at the effective interest
suku bunga efektif dari aset keuangannya. rate of the financial asset.
Pada setiap tanggal pelaporan, Grup menelaah At each reporting date, the Group assesses
apakah aset keuangan diukur pada biaya whether financial assets carried at amortized
perolehan diamortisasi mengalami penurunan cost are impaired. A financial asset is
nilai. Suatu aset keuangan mengalami impaired when one or more events that have
penurunan nilai apabila terdapat satu atau a detrimental impact on the estimated future
lebih peristiwa, yang memiliki implikasi cash flows of the financial asset have
menurunkan perkiraan arus kas masa depan occurred.
dari aset keuangan, telah terjadi.
Bukti bahwa suatu aset keuangan mengalami Evidence that a financial asset is impaired
penurunan nilai termasuk data yang dapat includes the following observable data:
diobservasi sebagai berikut:
• kesulitan keuangan signifikan; • significant financial difficulty;
• ada probabilitas bahwa peminjam akan • it is probable that the borrower will enter
bangkrut atau mengalami reorganisasi bankruptcy or other financial
keuangan; atau reorganisation; or
• suatu pelanggaran dari kontrak seperti • a breach of contract such as a default or
gagal bayar, atau sudah menunggak lebih being more than 90 days past due.
dari 90 hari.
Page 135
Ekshibit E/11 Exhibit E/11
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(lanjutan) (continued)
b. Transaksi dengan pihak-pihak berelasi d. b. Related party transactions
Grup menerapkan PSAK 224, Pengungkapan Pihak- The Group applies PSAK 224, Related Party
pihak Berelasi. PSAK ini mensyaratkan Disclosures. The PSAK requires the disclosures of
pengungkapan hubungan, transaksi dan saldo pihak- related party relationships, transactions and
pihak berelasi, termasuk komitmen, dalam laporan outstanding balances, including commitments, in the
keuangan konsolidasian. consolidated financial statements.
c. Kas dan setara kas e. c. Cash and cash equivalents
Kas dan setara kas mencakup kas, kas pada bank Cash and cash equivalents are cash on hand, cash in
dan deposito berjangka yang akan jatuh tempo banks and time deposits with a maturity period of
dalam waktu tiga bulan atau kurang terhitung sejak three months or less at the time of placement.
ditempatkan.
d. Saham tresuri d. Treasury stock
Saham tresuri diukur sebesar imbalan yang Treasury stock is measured at consideration paid,
dibayarkan, termasuk biaya transaksi signifikan including any significant directly attributable
yang dapat diatribusikan secara langsung (dikurangi transaction costs (net of taxes), and is deducted from
pajak), dan dikurangkan dari ekuitas yang dapat equity attributable to the owners of the Company.
diatribusikan kepada pemilik Perusahaan.
e. Transaksi dan saldo dalam mata uang asing e. Transactions and balances in foreign currencies
Transaksi dalam mata uang asing dijabarkan ke Transactions in foreign currencies are translated to
masing-masing mata uang fungsional Grup the respective functional currencies of the Group at
berdasarkan kurs yang berlaku pada saat transaksi the exchange rates prevailing at the time the
dilakukan. Pada tanggal pelaporan, aset dan transactions are made. At reporting date, monetary
liabilitas moneter dalam mata uang asing assets and liabilities denominated in foreign
dijabarkan ke mata uang fungsional berdasarkan currencies are retranslated to the functional currency
kurs yang berlaku pada tanggal tersebut. Laba atau at the exchange rate at that date. The resulting gains
rugi selisih kurs yang timbul dikreditkan atau or losses are credited or charged to the statement of
dibebankan pada laporan laba rugi dan penghasilan profit or loss and other comprehensive income for the
komprehensif lain periode berjalan. period.
Untuk tujuan konsolidasi, laporan posisi keuangan For the purpose of consolidation, the statement of
entitas anak yang menggunakan mata uang selain financial position of a subsidiary reporting in a
Rupiah dijabarkan ke Rupiah berdasarkan kurs yang currency other than the Rupiah is translated to
berlaku pada tanggal pelaporan. Penghasilan dan Rupiah at the exchange rates prevailing at the
beban dijabarkan ke Rupiah dengan kurs rata-rata reporting date. The income and expenses are
yang berlaku selama tahun berjalan. Selisih kurs translated to Rupiah at the average exchange rates
yang dihasilkan diakui pada penghasilan prevailing during the year. The resulting exchange
komprehensif lain dalam laporan laba rugi dan differences are recognized in other comprehensive
penghasilan komprehensif lain konsolidasian dan income in the consolidated statement of profit or loss
diakumulasikan dalam ekuitas di dalam pos selisih and other comprehensive income and are
penjabaran laporan keuangan dalam mata uang accumulated in equity under the difference in
asing. translation of financial statements in foreign
currency.
Aset dan liabilitas nonkeuangan yang diukur pada Non-monetary assets and liabilities that are
nilai wajar dalam mata uang asing dijabarkan measured at fair value in a foreign currency are
kembali ke mata uang fungsional dengan retranslated to the functional currency at the
menggunakan kurs yang berlaku pada tanggal nilai exchange rate at the date that the fair value was
wajar ditentukan. Aset dan liabilitas nonkeuangan determined. Non-monetary items that are measured
yang diukur atas dasar nilai historis dalam mata based on historical cost in a foreign currency are
uang asing dijabarkan menggunakan kurs yang translated using the exchange rate at the date of the
berlaku pada tanggal transaksi. transaction.
Page 136
Ekshibit E/12 Exhibit E/12
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(lanjutan) (continued)
e. Transaksi dan saldo dalam mata uang asing e. Transactions and balances in foreign currencies
(lanjutan) (continued)
Ketika investasi atas entitas yang memiliki mata When an investment in an entity with a functional
uang fungsional selain Rupiah dilepas, pengaruh currency other than Rupiah is disposed or significant
signifikan atau pengendalian bersama hilang, influence or joint control is lost, the cumulative
jumlah akumulasi cadangan penjabaran terkait amount in the translation reserve related to that
entitas tersebut direklasifikasi ke laba rugi sebagai entity is reclassified to profit or loss as part of the
bagian dari keuntungan atau kerugian pelepasan. gain or loss on disposal. When the Group disposes of
Ketika Grup melepas sebagian kepemilikan atas only part of its interest in a subsidiary that includes
entitas anak yang memiliki entitas semacam ini such entity while retaining control, the relevant
namun tetap mempertahankan pengendalian, proportion of the cumulative amount of translation
proporsi akumulasi cadangan penjabaran terkait reserve is reattributed to non-controlling interests.
akan diatribusikan kembali ke kepentingan
nonpengendali.
f. Pajak penghasilan f. Income tax
Grup memperhitungkan konsekuensi pajak kini dan The Group accounts for the current and future tax
mendatang dari pemulihan (penyelesaian) jumlah consequences of the future recovery (settlement) of
tercatat aset (liabilitas) masa depan yang diakui the carrying amount of assets (liabilities) that are
dalam laporan posisi keuangan konsolidasian, dan recognized in the consolidated statement of
dari transaksi serta kejadian lain dari periode kini financial position, and transactions and other
yang diakui dalam laporan keuangan konsolidasian. events of the current period that are recognized in
the consolidated financial statements.
Grup mencatat tambahan pajak penghasilan yang The
d. Group presents additional income tax of
berasal dari periode lalu yang ditetapkan dengan previous periods through a tax assessment letter
Surat Ketetapan Pajak (SKP), jika ada, sebagai (SKP), if any, assessed as part of “Income Tax
bagian dari “Beban Pajak Penghasilan” dalam Expense” in the consolidated statement of profit
laporan laba rugi dan penghasilan komprehensif lain or loss and other comprehensive income.
konsolidasian.
Beban pajak penghasilan terdiri dari beban pajak Income
d. tax expense comprises current and deferred
kini dan pajak tangguhan penghasilan badan. Pajak corporate income tax. Current tax and deferred tax
kini dan pajak tangguhan diakui dalam laba rugi, are recognized in profit or loss, except to the extent
kecuali jika pajak tersebut terkait dengan transaksi that they relate to items recognized directly in
atau kejadian yang diakui secara langsung dalam equity or in other comprehensive income.
ekuitas atau dalam penghasilan komprehensif lain.
Pajak kini adalah pajak terutang atau piutang pajak Current
d. tax is the expected tax payable or
yang diharapkan atas laba kena pajak (rugi pajak) refundable on taxable income or loss for the year,
selama tahun berjalan, dengan menggunakan tarif using tax rates substantively enacted as of the
pajak yang secara substantif berlaku pada tanggal reporting date, and includes true-up adjustments
pelaporan, dan termasuk penyesuaian atas provisi made to the previous years’ tax provisions either to
beban pajak tahun-tahun sebelumnya baik untuk reconcile them with the income tax reported in
direkonsiliasikan dengan pajak penghasilan yang annual tax returns, or to account for differences
dilaporkan pada pelaporan pajak tahunan, atau arising from tax assessments.
untuk memperhitungkan selisih yang timbul dari
pemeriksaan pajak.
Grup menerapkan metode aset dan liabilitas dalam The
d. Group applies the asset and liability method in
menghitung beban pajaknya. Dengan metode ini, determining its income tax expense. Under this
aset dan liabilitas pajak tangguhan diakui pada method, deferred tax assets and liabilities are
setiap tanggal pelaporan sebesar perbedaan recognized at each reporting date for temporary
temporer aset dan liabilitas untuk tujuan pelaporan differences between the assets and liabilities for
keuangan dan tujuan perpajakan. Metode ini juga financial reporting purpose and for taxation
mengharuskan pengakuan manfaat pajak di masa purposes. This method also requires the recognition
yang akan datang, seperti kompensasi rugi fiskal, of future tax benefits, such as tax loss
jika besar kemungkinan manfaat pajak tersebut carryforwards, to the extent that realization of such
dapat direalisasi. benefits is probable.
Page 137
Ekshibit E/13 Exhibit E/13
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. .IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
.(lanjutan) (continued)
f. Pajak penghasilan (lanjutan) f. Income tax (continued)
Pajak tangguhan diukur dengan menggunakan tarif Deferred
d. tax is measured at the tax rates that are
pajak yang diharapkan untuk diterapkan atas expected to be applied to the temporary difference,
perbedaan temporer pada saat pembalikan, when they reverse, based on the laws that have
berdasarkan peraturan yang berlaku atau secara been enacted or substantially enacted at the
substantif telah berlaku pada tanggal pelaporan. reporting date.
e.
Aset pajak tangguhan merupakan sisa saldo neto Deferred
f. tax assets represent the net remaining
dari manfaat pajak tangguhan yang telah diperoleh balance of deferred tax benefits that have been
dan dimanfaatkan sampai dengan tanggal originated and utilized through the reporting date.
pelaporan. Aset pajak tangguhan ditelaah pada Deferred tax assets are reviewed at each reporting
setiap tanggal pelaporan dan dikurangi sepanjang date and are reduced to the extent that it is no
manfaat pajaknya tidak dimungkinkan untuk longer probable that the related tax benefit will be
direalisasikan; pengurangan tersebut dibalik ketika realized; such reductions are reversed when the
kemungkinan realisasinya melalui laba kena pajak probability of their realization through future
di masa depan meningkat. taxable profits improves.
Aset pajak tangguhan yang belum diakui dinilai Unrecognized deferred tax assets are reassessed at
kembali pada setiap tanggal pelaporan dan diakui each reporting date and recognized to the extent
sepanjang kemungkinan besar laba kena pajak di that it has become probable that future taxable
masa depan akan tersedia untuk digunakan. profits will be available against which they can be
used.
Aset dan liabilitas pajak tangguhan disajikan Deferred tax assets and liabilities are offset in the
salinghapus di laporan posisi keuangan consolidated statement of financial position, except
konsolidasian, kecuali aset dan liabilitas pajak if these are for different legal entities, in the same
tangguhan untuk entitas hukum yang berbeda, hal manner the current tax assets and liabilities are
ini berlaku juga untuk penyajian aset dan liabilitas presented.
pajak kini.
Dalam menentukan nilai pajak kini dan pajak In
d.determining the amount of current and deferred
tangguhan, Grup memperhitungkan dampak dari tax, the Group takes into account the impact of
posisi pajak yang tidak pasti, tambahan pajak dan uncertain tax positions, any additional taxes and
penalti. penalties.
Pajak final atas beberapa jenis transaksi yang Final
d. tax on certain transactions that is calculated
dikenakan atas nilai brutonya (yaitu atas jumlah based on the gross amount (i.e., amounts of cash
uang yang diterima) tidak dianggap sebagai pajak received) is not considered as income tax.
penghasilan.
g. Laba per saham g. Earnings per share
Laba per saham dasar dihitung dengan membagi Basic
d. earnings per share are computed by dividing
laba periode berjalan yang dapat diatribusikan profit for the period attributable to the owners of
kepada pemilik Perusahaan dengan jumlah rata- the Company by the weighted average of total
rata tertimbang saham beredar/ditempatkan outstanding/issued shares during the year.
selama tahun yang bersangkutan.
Laba per saham dilusian dihitung dengan membagi Diluted
d. earnings per share are computed by
laba periode berjalan yang dapat diatribusikan dividing profit for the period attributable to
kepada pemilik Perusahaan dengan total rata-rata owners of the Company to the weighted average of
tertimbang saham beredar/ditempatkan setelah total outstanding/issued shares after considering
mempertimbangkan penyesuaian atas dampak adjustments for conversion of all dilutive potential
konversi dari semua instrumen berpotensi saham ordinary shares that may be issued by the Company.
biasa bersifat dilutif yang mungkin diterbitkan
Perusahaan.
Page 138
Ekshibit E/14 Exhibit E/14
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. .IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
.(lanjutan) (continued)
g. Laba per saham (lanjutan) g. Earnings per share (continued)
Jika jumlah saham biasa atau instrumen berpotensi If
d. the number of ordinary shares or potential
saham biasa yang beredar meningkat sebagai akibat ordinary shares outstanding increases as a result of
dari kapitalisasi, penerbitan saham bonus atau capitalization, issuance of bonus shares or stock
pemecahan saham atau menurun sebagai akibat splits, or decreases as a result of a merger of
dari penggabungan saham, maka perhitungan laba shares, the calculation of basic or diluted earning
per saham dasar dan dilusian untuk seluruh periode per share for all periods is adjusted
yang disajikan disesuaikan secara retrospektif. restrospectively.
h. Informasi segmen h. Segment reporting
Grup mengidentifikasikan segmen operasi The
d. Group identifies its operating segments on the
berdasarkan pelaporan internal yang dikaji secara basis of internal reports that are regularly
berkala oleh pengambil keputusan operasional reviewed by the chief operating decision maker in
utama dalam rangka mengalokasikan sumber daya order to allocate resources to the segment and
dan menilai kinerja segmen operasi tersebut. assess its performance.
Segmen operasi dilaporkan dengan cara yang d. Operating segments are reported in a manner
konsisten dengan pelaporan internal yang diberikan consistent with the internal reporting provided to
kepada Dewan Direksi sebagai pengambil keputusan Board of Directors as the Group’s chief operating
operasional Grup. decision maker.
i. Pembayaran berbasis saham i. Share based-payments
Perusahaan memberikan saham kepada manajemen e. The Company provides share grants to the eligible
karyawan yang memenuhi syarat melalui Program employees through the Management Employee
Pemberian Saham untuk Karyawan Manajemen. Share Grant Plan.
f.
Nilai wajar saat tanggal pemberian kompensasi The grant-date fair value of share-based payment
berbasis saham ke karyawan diakui sebagai beban compensation granted to employees is recognized
usaha – pembayaran berbasis saham, beserta as an operating expense – employee stock option,
perubahan terkaitnya di ekuitas, selama periode with a corresponding increase in equity, over the
sampai dengan karyawan berhak tanpa syarat atas period that the employees become unconditionally
penghargaan tersebut. entitled to the awards.
Nilai yang diakui sebagai beban disesuaikan untuk The amount recognized as an expense is adjusted to
menggambarkan nilai penghargaan yang terkait reflect the number of awards for which the related
dengan kondisi masa kerja yang diharapkan dapat service conditions are expected to be met, such that
terpenuhi, sehingga pada akhirnya nilai yang diakui the amount ultimately recognized as an expense is
sebagai beban didasarkan pada nilai penghargaan based on the number of awards that meet the
yang memenuhi kondisi jasa terkait pada saat related service conditions at the vesting date. For
tanggal vesting. Untuk kompensasi berbasis saham share-based compensation with market
dengan kondisi kinerja pasar, nilai wajar saat performance conditions, the respective grant-date
tanggal pemberiannya diukur untuk merefleksikan fair value is measured to reflect such conditions and
kondisi tersebut dan tidak terdapat penyesuaian there is no true-up for differences between
untuk perbedaan antara hasil yang diharapkan dan expected and actual outcomes.
aktualnya.
Pada tanggal 31 Desember 2025 dan 2024, saldo As of 31 December 2025 and 2024, the outstanding
akumulasi pembayaran berbasis saham Perusahaan balance of the accumulated share based payments
masing-masing sebesar Rp36.373 dan Rp35.757. amounted to Rp36,373 and Rp35,757 respectively.
Page 139
Ekshibit E/15 Exhibit E/15
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS
31 Desember/ 31 Desember/
December 2025 December 2024
Kas Cash on hand
Rupiah 10 10 Rupiah
Kas di bank pihak tidak berelasi Cash in non-related party banks
Rupiah Rupiah
PT Bank Permata Tbk. 76.436 31.901 PT Bank Permata Tbk.
PT Bank DBS Indonesia 26.004 229.696 PT Bank DBS Indonesia
PT Bank Central Asia Tbk. 2.613 2.373 PT Bank Central Asia Tbk.
PT Bank CIMB Niaga Tbk. 407 - PT Bank CIMB Niaga Tbk.
PT Bank Mandiri (Persero) Tbk. 225 - PT Bank Mandiri (Persero) Tbk.
PT Bank HSBC Indonesia 213 456 PT Bank HSBC Indonesia
PT Bank UOB Indonesia 170 170 PT Bank UOB Indonesia
Standard Chartered Bank 123 115 Standard Chartered Bank
PT Bank Maybank Indonesia Tbk. 92 50 PT Bank Maybank Indonesia Tbk.
PT Bank Mega Tbk. 78 79 PT Bank Mega Tbk.
106.361 264.840
Dolar AS US Dollar
Standard Chartered Bank 572.646 730.288 Standard Chartered Bank
United Overseas Bank 145.593 52.809 United Overseas Bank
PT Bank DBS Indonesia 79.419 14.069 PT Bank DBS Indonesia
PT Bank Permata Tbk. 2.050 1.991 PT Bank Permata Tbk.
PT Bank Maybank Indonesia Tbk. 573 79 PT Bank Maybank Indonesia Tbk.
PT Bank HSBC Indonesia 463 453 PT Bank HSBC Indonesia
PT Bank UOB Indonesia 231 223 PT Bank UOB Indonesia
PT Bank Mega Tbk. 110 107 PT Bank Mega Tbk.
United Overseas Bank Kay Hian United Overseas Bank Kay Hian
Private Limited 82 - Private Limited
DBS Bank Ltd., Singapura 79 77 DBS Bank Ltd., Singapore
801.246 800.096
Dolar Singapura Singapore Dollar
United Overseas Bank 2.308 2.196 United Overseas Bank
United Overseas Bank Kay Hian United Overseas Bank Kay Hian
Private Limited 1.882 1.702 Private Limited
Standard Chartered Bank 604 314 Standard Chartered Bank
DBS Bank Ltd., Singapura - 373 DBS Bank Ltd., Singapore
4.794 4.585
Jumlah kas di bank 912.401 1.069.521 Total cash in banks
Deposito berjangka di bank pihak
tidak berelasi Time deposits in non-related party banks
Rupiah Rupiah
PT Bank DBS Indonesia 12.000 413.000 PT Bank DBS Indonesia
Dolar AS US Dollar
PT Bank DBS Indonesia 41.955 50.102 PT Bank DBS Indonesia
Jumlah deposito berjangka 53.955 463.102 Total time deposits
Jumlah kas dan setara kas 966.366 1.532.633 Total cash and cash equivalents
Kisaran suku bunga kontraktual dari deposito berjangka The range of contractual interest rates earned from the
adalah sebagai berikut: time deposits is as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Rupiah 1,00% - 4,00% 1,50% - 2,50% Rupiah
Dolar AS 1,50% - 4,25% 1,50% - 5,45% US Dollar
Seluruh kas di bank dan deposito berjangka ditempatkan All cash in banks and time deposits are placed in non-
pada bank pihak tidak berelasi. related party banks.
Page 140
Ekshibit E/16 Exhibit E/16
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. INVESTASI PADA SAHAM 5. INVESTMENTS IN SHARES
31 Desember/December 2025 31 Desember/December 2024
Teknik Teknik
penilaian penilaian
nilai wajar nilai wajar
(Catatan 2e)/ (Catatan 2e)/
Persentase Fair value Persentase Fair value
kepemilikan/ valuation kepemilikan/ valuation
Percentage of techniques Nilai wajar/ Percentage of techniques Nilai wajar/
Investasi ownership (Note 2e) Fair value ownership (Note 2e) Fair value Investments
Rp Rp
INVESTASI DI PERUSAHAAN INVESTMENTS IN BLUE CHIP
BLUE CHIP COMPANIES
PT TOWER BERSAMA PT TOWER BERSAMA
INFRASTRUCTURE TBK. INFRASTRUCTURE TBK.
(“TBIG”) (2025 dan (“TBIG”) (2025 and
2024: 31,61%) 2024: 31.61%)
Kepemilikan tidak
langsung melalui Indirect ownership through
PT Wahana Anugerah PT Wahana Anugerah
Sejahtera 9,37% Level 1 5.687.688 9,37% Level 1 4.456.770 Sejahtera
BERSAMA DIGITAL BERSAMA DIGITAL
INFRASTRUCTURE ASIA INFRASTRUCTURE ASIA
PTE. LTD. (“BDIA”) (**) PTE. LTD. (“BDIA”) (**)
(Perusahaan memiliki
kepemilikan efektif (The Company owned
sebesar 22,25% di TBIG effective ownership of
melalui BDIA pada tanggal 22.25% in TBIG through
31 Desember 2025 dan BDIA on 31 December 2025
2024) 27,38%% Level 2 12.975.046 27,89% Level 2 11.479.200 and 2024)
PT MERDEKA COPPER PT MERDEKA COPPER GOLD
GOLD TBK. (“MDKA”) TBK. (“MDKA”)
Kepemilikan langsung 19,37% Level 1 10.806.044 19,40% Level 1 7.667.956 Direct ownership
PT ALAMTRI RESOURCES
INDONESIA TBK. PT ALAMTRI RESOURCES
(“ADRO”) (2025: INDONESIA TBK. (“ADRO”)
16,52% dan 2024: (2025: 16.52% and
15,78%) 2024: 15.78%)
Kepemilikan langsung 4,00% Level 1 2.126.552 3,82% Level 1 2.854.985 Direct ownership
PT ADARO ANDALAN PT ADARO ANDALAN
INDONESIA TBK. INDONESIA TBK. (“AADI”)
(“AADI”) (2025: 15,15% (2025: 15.15% and
dan 2024: 14,21%) 2024: 14.21%)
Kepemilikan langsung 4,38% Level 1 2.377.760 3,44% Level 1 2.268.671 Direct ownership
Kepemilikan tidak
langsung melalui Indirect ownership
asosiasi: PT Adaro through associate:
Strategic Capital (ASC) PT Adaro Strategic
(***) 25,00% Level 2 8.944.934 25,00% Level 2 11.476.408 Capital (ASC) (***)
Kepemilikan tidak
langsung melalui Indrect ownership
asosiasi: PT Adaro through associate:
Strategic Lestari (ASL) PT Adaro Strategic
(***) 29,79% Level 2 3.565.741 29,79% Level 2 4.574.818 Lestari (ASL) (***)
Perusahaan publik lainnya <5% Level 1 1.546.640 <5% Level 1 220.043 Other listed company
Jumlah investasi di Total investment in
saham blue chip 48.030.405 44.998.851 blue chip shares
(**) Pada tanggal 31 Desember 2024, nilai wajar investasi di BDIA terdiri dari investasi (**)m.On 31 December 2024, the fair value of investment in BDIA consist of investment
pada saham PT Tower Bersama Infrastructure Tbk. dan investasi pada perusahaan in PT Tower Bersama Infrastructure Tbk. and investment in other companies.
lainnya. Nilai investasi di Perusahaan lainnya adalah sebesar Rp895.273. The investment in other companies was amounted to Rp895,273.
n.
(***) Nilai ini merupakan nilai investasi pada ASC dan ASL dimana nilai wajar dari ASC
dan ASL sebagian besar berasal dari nilai investasi pada saham di ADRO dan AADI
m. The
(***) amount represents the investment in ASC and ASL whereas the fair value
of ASC and ASL mainly represents the investment in ADRO and AADI through
melalui kepemilikan tidak langsung di PT Adaro Strategic Investments. indirect ownership in PT Adaro Strategic Investments.
Page 141
Ekshibit E/17 Exhibit E/17
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. INVESTASI PADA SAHAM (lanjutan) 5. INVESTMENTS IN SHARES (continued)
31 Desember/December 2025 31 Desember/December 2024
Teknik Teknik
penilaian penilaian
nilai wajar nilai wajar
(Catatan 2e)/ Persentase (Catatan 2e)/
Persentase Fair value kepemilikan/ Fair value
kepemilikan/ valuation Percentage valuation
Percentage of techniques Nilai wajar/ of techniques Nilai wajar/
Investasi ownership (Note 2e) Fair value ownership (Note 2e) Fair value Investments
Rp Rp
INVESTASI DI PERUSAHAAN INVESTMENTS IN
BERKEMBANG GROWTH FOCUSED COMPANIES
Perusahaan publik: Listed entities:
PT MITRA PINASTHIKA
MUSTIKA TBK. PT MITRA PINASTHIKA
(“MPMX”) MUSTIKA TBK. (“MPMX”)
Kepemilikan langsung 57,67% Level 1 2.441.531 56,69% Level 1 2.492.132 Direct ownership
PT SAMATOR INDO GAS PT SAMATOR INDO GAS
TBK. (“AGII”) TBK. (“AGII”)
Kepemilikan langsung 10,00% Level 1 464.599 10,00% Level 1 429.333 Direct ownership
PT NUSA RAYA CIPTA PT NUSA RAYA CIPTA
TBK. (“NRCA”) TBK. (“NRCA”)
Kepemilikan langsung 6,02% Level 1 228.998 6,97% Level 1 61.217 Direct ownership
Perusahaan publik
lainnya Other listed entities
Kepemilikan langsung <5% Level 1 402.742 <5% Level 1 238.113 Direct ownership
Perusahaan nonpublik: Non-listed entities:
Kepemilikan langsung dan
tidak langsung melalui Direct and indirect ownership
entitas anak: through subsidiaries:
PT Saratoga Sentra
Business, PT Nugraha
Eka Kencana,
PT Surya Nuansa
Ceria, PT Sukses PT Saratoga Sentra Business,
Indonesia, PT Interra PT Nugraha Eka Kencana,
Indo Resources, PT Surya Nuansa Ceria,
PT Sarana Investasi PT Sukses Indonesia, PT Interra
Bersama dan Indo Resources, PT Sarana
Baltimore Investasi Bersama and Baltimore
Investments Ltd. Investments Ltd.
- Perusahaan
berkembang 1 > 50% Level 3 900.560 > 50% Level 3 691.927 Growth company 1 -
- Perusahaan
berkembang 2 > 50% Level 3 165.602 > 50% Level 3 178.522 Growth company 2 -
- Perusahaan
berkembang 3 20 - 50% Level 3 112.401 20 - 50% Level 3 104.319 Growth company 3 -
- Perusahaan
berkembang 4 20 - 50% Level 3 18.644 20 - 50% Level 3 17.274 Growth company 4 -
- Perusahaan
berkembang 5 < 20% Level 3 253.023 < 20% Level 3 223.993 Growth company 5 -
- Perusahaan
berkembang 6 < 20% Level 3 72.130 < 20% Level 3 27.478 Growth company 6 -
- Perusahaan
berkembang 7 < 20% Level 3 22 < 20% Level 3 22 Growth company 7 -
- Perusahaan
berkembang 8 < 20% Level 3 391.499 < 20% Level 3 349.818 Growth company 8 -
- Perusahaan
berkembang 9 > 50% Level 3 1.825.869 > 50% Biaya/Cost 1.472.491 Growth company 9 -
- Perusahaan
berkembang 10 20 - 50% Level 3 318.962 20 - 50% Biaya/Cost 259.748 Growth company 10 -
- Perusahaan
berkembang 11 (*) 20 - 50% Level 3 823.846 - - - Growth company 11 (*) -
- Perusahaan
berkembang 12 (*) 20 - 50% Level 3 152.703 - - - Growth company 12 (*) -
- Perusahaan
berkembang
lainnya < 20% Level 3 86.632 < 20% Level 3 74.561 Other growth company -
- Perusahaan
berkembang
lainnya < 5% Biaya/Cost - < 5% Biaya/Cost 66 Other growth company -
Jumlah investasi di Total investments in
perusahaan berkembang 8.659.763 m.
6.621.014 growth focused companies
(*) Pada tanggal 31 Desember 2024, nilai wajar investasi ini tercermin didalam nilai (*)m. On 31 December 2024, the fair value of these investment are reflected in the
wajar investasi BDIA. fair value of investment in BDIA.
Page 142
Ekshibit E/18 Exhibit E/18
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. INVESTASI PADA SAHAM (lanjutan) 5. INVESTMENTS IN SHARES (continued)
31 Desember/December 2025 31 Desember/December 2024
Teknik Teknik
penilaian penilaian
nilai wajar nilai wajar
(Catatan 2e)/ (Catatan 2e)/
Persentase Fair value Persentase Fair value
kepemilikan/ valuation kepemilikan/ valuation
Percentage of techniques Nilai wajar/ Percentage of techniques Nilai wajar/
Investasi ownership (Note 2e) Fair value ownership (Note 2e) Fair value Investments
Rp Rp
INVESTASI DI
PERUSAHAAN BERBASIS INVESTMENTS IN DIGITAL
TEKNOLOGI DIGITAL TECHNOLOGY COMPANIES
Perusahaan publik: Listed entity:
Kepemilikan tidak Indirect ownership
langsung melalui through
entitas anak: subsidiary:
Baltimore Investments Baltimore Investments
Ltd. Ltd.
- Perusahaan Digital technology
teknologi digital 1 <5% Level 1 30.376 < 5% Level 1 45.738 company 1 -
Perusahaan nonpublik: Non-listed entities:
Kepemilikan tidak Indirect ownership
langsung melalui through
entitas anak: subsidiaries:
PT Surya Nuansa
Ceria, PT Sukses PT Surya Nuansa Ceria,
Indonesia dan PT Sukses Indonesia and
Baltimore Investments Baltimore Investments
Ltd. Ltd.
- Perusahaan Digital technology
teknologi digital 2 - - - < 20% Level 3 193.191 company 2 -
- Perusahaan
teknologi digital Other digital technology
lainnya < 5% Level 3 21.245 < 5% Level 3 52.784 companies -
Jumlah investasi di Total investments in
perusahaan berbasis digital technology
teknologi digital 51.621 291.713 companies
INVESTASI LAIN-LAIN INVESTMENT IN OTHERS
Perusahaan nonpublik: Non-listed entities:
Kepemilikan tidak langsung Indirect ownership through
melalui entitas anak: subsidiaries:
PT Wahana Anugerah
Sejahtera dan PT Wahana Anugerah
PT Saratoga Sentra Sejahtera and PT Saratoga
Business Sentra Business
- Lainnya 1 20 - 50% Level 2 173 20 - 50% Level 2 183 Other 1 -
- Lainnya < 5% Level 3 431 < 5% Level 3 431 Others -
Total investments in
Jumlah investasi lain-lain 604 614 others
JUMLAH INVESTASI PADA TOTAL INVESTMENTS
SAHAM 56.742.393 51.912.192 IN SHARES
Page 143
Ekshibit E/19 Exhibit E/19
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. INVESTASI PADA SAHAM (lanjutan) 5. INVESTMENTS IN SHARES (continued)
Ringkasan perubahan nilai wajar selama tahun berjalan A
n.summary of changes in fair values during the year was
adalah sebagai berikut: as follows:
31 Desember/December 2025
Penambahan & Perubahan nilai
Saldo awal/ Reklasifikasi/ wajar/ Saldo akhir/
Beginning Addition & Changes Pelepasan/ Ending
balance Reclassification in fair value Divestments/ balance
Blue Chip 44.998.851 977.835 3.209.268) (1.155.549) 48.030.405 Blue Chip
Perusahaan berkembang 6.621.014 940.566 1.134.325) (36.142) 8.659.763 Growth focused
Teknologi digital 291.713 - (236.046) (4.046) 51.621 Digital technology
Lain-lain 614 - (10) - 604 Others
51.912.192 1.918.401 4.107.537) (1.195.737) 56.742.393
31 Desember/December 2024
Perubahan nilai
Saldo awal/ wajar/ Saldo akhir/
Beginning Penambahan/ Changes Pelepasan/ Ending
balance Additions in fair value Divestments balance
Blue Chip 40.242.534 2.392.009 2.364.308) -) 44.998.851 Blue Chip
Perusahaan berkembang 5.966.591 1.847.605 (594.610) (598.572) 6.621.014 Growth focused
Teknologi digital 457.465 - (165.752) - 291.713 Digital technology
Lain-lain 13.615 - 4.855) (17.856) 614 Others
46.680.205 4.239.614 1.608.801) (616.428) 51.912.192
6. INVESTASI PADA EFEK LAINNYA 6. INVESTMENTS IN OTHER SECURITIES
Pada tanggal 31 Desember 2025, investasi pada efek As of 31 December 2025, investments in other securities
lainnya terdiri dari investasi dalam dana dengan nilai consist of investments in funds amounting to
Rp2.940.066 (31 Desember 2024: Rp2.894.371) dan uang Rp2,940,066 (31 December 2024: Rp2,894,371) and
muka investasi sejumlah Rp976.168 (31 Desember 2024: advances for investments amounting to Rp976,168
Rp739.328). (31 December 2024: Rp739,328).
7. PERPAJAKAN 7. TAXATION
a. Pajak dibayar di muka a. Prepaid taxes
31 Desember 31 Desember/
December 2025 December 2024
Perusahaan The Company
Pajak Pertambahan Nilai 3.832 3.143 Value Added Tax
Lainnya 1.423 1.203 Others
5.255 4.346
Entitas anak Subsidiaries
Pajak Pertambahan Nilai 103 86 Value Added Tax
Lainnya 444 319 Others
547 405
5.802 4.751
Page 144
Ekshibit E/20 Exhibit E/20
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
7. PERPAJAKAN (lanjutan) 7. TAXATION (continued)
b. Utang pajak penghasilan b. Income tax payable
31 Desember/ 31 Desember/
December 2025 December 2024
Perusahaan The Company
Pajak penghasilan badan Corporate income tax
Kini 12.102 881 Current
Cicilan pajak penghasilan Income tax installment –
pasal 25 6 5 article 25
12.108 886
Entitas anak Subsidiaries
Pajak penghasilan badan Corporate income tax
Kini 3.518 4.970 Current
15.626 5.856
c. Utang pajak lainnya c. Other tax payables
31 Desember/ 31 Desember/
December 2025 December 2024
Perusahaan The Company
Pajak penghasilan: Income tax:
Pasal 23 217 30 Article 23
Pasal 26 591 - Article 26
Pasal 4(2) 454 581 Article 4(2)
1.262 611
Entitas anak Subsidiaries
Pajak penghasilan: Income tax:
Pasal 21 1 - Article 21
Pasal 23 2 21 Article 23
3 21
1.265 632
d. Perhitungan pajak kini d. Calculation of current tax
Rekonsiliasi antara laba konsolidasian sebelum A reconciliation between consolidated profit
pajak penghasilan dengan beban pajak penghasilan before income tax and income tax expense is as
adalah sebagai berikut: follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Laba konsolidasian sebelum Consolidated profit before
pajak penghasilan 6.608.617 4.915.226 income tax
Dikurangi: Less:
(Laba) rugi sebelum (Profit) loss before income tax
pajak penghasilan entitas anak (5.168.880) 776.931 of subsidiaries
Eliminasi dan penyesuaian lainnya Elimination and other adjustments
ke metode biaya 1.326.013 (2.698.967) to cost method
Laba sebelum pajak Profit before income tax
penghasilan Perusahaan 2.765.750 2.993.190 of the Company
Page 145
Ekshibit E/21 Exhibit E/21
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
7. PERPAJAKAN (lanjutan) 7. TAXATION (continued)
d. Perhitungan pajak kini (lanjutan) d. Calculation of current tax (continued)
Rekonsiliasi antara laba konsolidasian sebelum A reconciliation between consolidated profit
pajak penghasilan dengan beban pajak penghasilan before income tax and income tax expense is as
adalah sebagai berikut: (lanjutan) follows: (continued)
31 Desember/ 31 Desember/
December 2025 December 2024
Laba sebelum pajak Profit before income tax
penghasilan Perusahaan (lanjutan) 2.765.750 2.993.190 of the Company (continued)
Koreksi fiskal: Fiscal corrections:
Penghasilan yang Income subject to
dikenakan pajak final (3.062.200) (3.546.730) final tax
Kerugian atas penjualan investasi Loss on sale of investment and
dan instrument derivatif 90.801 173.644 derivatife instruments
Beban bunga 155.885 ` 150.965 Interest expenses
Beban kompensasi karyawan 127.541 139.000 Employees’ compensation expenses
Rugi atas selisih kurs 4.200 38.025 Loss on foreign exchange
Beban imbalan jasa tenaga ahli 16.595 31.988 Professional fees
Imbalan pascakerja 4.364 5.473 Post-employment benefit
Lainnya 43.082 33.747 Other
Laba kena pajak Perusahaan 146.018 19.302 The Company’s taxable profit
Tarif pajak yang berlaku 22% 22% Enacted tax rate
Beban pajak penghasilan kini Current income tax expense
Perusahaan 32.124 4.247 The Company
Entitas anak 3.529 4.970 Subsidiaries
Beban pajak penghasilan kini 35.653 9.217 Current income tax expense
Dikurangi: kredit pajak penghasilan Less: income tax credit
Perusahaan (20.022) (3.366) The Company
Entitas anak (11) - Subsidiaries
Jumlah kredit pajak penghasilan (20.033) (3.366) Total income tax credit
Taksiran utang pajak penghasilan Estimated income taxes payable
Perusahaan 12.102 881 The Company
Entitas anak 3.518 4.970 Subsidiaries
Jumlah taksiran utang pajak Total estimated income tax
penghasilan 15.620 5.851 payable
Perusahaan menerapkan metode perhitungan pajak The Company applied a proportionate income tax
penghasilan secara proporsional berdasarkan calculation method based on final and non-final
penghasilan final dan non-final untuk menghitung income to calculate the deductible expenses.
beban yang dapat dikurangkan.
Page 146
Ekshibit E/22 Exhibit E/22
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
7. PERPAJAKAN (lanjutan) 7. TAXATION (continued)
e. Aset dan liabilitas pajak tangguhan e. Deferred tax assets and liabilities
Diakui dalam
penghasilan
Diakui komprehensif
dalam lain/
Saldo laba rugi/ Recognized in Saldo
awal/ Recognized other akhir/
Beginning in profit or comprehensive Ending
31 Desember 2025 balance loss income balance 31 December 2025
Aset (liabilitas) pajak tangguhan Deferred tax assets (liabilities) of
Perusahaan: the Company:
Liabilitas imbalan kerja 8.113 960 (138) 8.935 Employee benefits liabilities
Investasi pada saham dan efek Investments in shares and other
lainnya (2.770.912) 746.596 - (2.024.316) securities
(2.762.799) 747.556 (138) (2.015.381)
Liabilitas pajak tangguhan Deferred tax liabilities of the
entitas anak, neto (40.144) 1.806 - (38.338) subsidiaries, net
Liabilitas pajak tangguhan, neto (2.802.943) (2.053.719) Deferred tax liabilities, net
31 Desember 2024 31 December 2024
Aset (liabilitas) pajak tangguhan Deferred tax assets (liabilities) of
Perusahaan: the Company:
Liabilitas imbalan kerja 6.930 1.204 (21) 8.113 Employee benefits liabilities
Investasi pada saham dan efek Investments in shares and other
lainnya (1.140.370) (1.630.542) - (2.770.912) securities
(1.133.440) (1.629.338) (21) (2.762.799)
Liabilitas pajak tangguhan Deferred tax liabilities of the
entitas anak, neto (54.969) 14.825 - (40.144) subsidiaries, net
Liabilitas pajak tangguhan, neto (1.188.409) (2.802.943) Deferred tax liabilities, net
Berikut aset pajak tangguhan yang The following deferred tax assets
belum diakui: have not been recognized:
31 Desember/ 31 Desember/
December 2025 December 2024
Provision for impairment of
Penyisihan atas penurunan nilai piutang 14.555 23.693 receivables
Kerugian yang belum direalisasi atas
investasi pada saham dan efek Unrealized losses on investments in
lainnya 239.175 225.220 shares and other securities
253.730 248.913
Perbedaan temporer yang menimbulkan aset pajak The temporary differences that give rise to the
tangguhan untuk kerugian yang belum direalisasi deferred tax asset for the unrealized losses on
atas investasi pada saham dan efek lainnya tidak investment in shares and other securities do not
akan kadaluwarsa, oleh karena itu Perusahaan tidak expire, accordingly the Company does not
mengakui aset pajak tangguhan atas hal ini. recognize the deferred tax assets with respect to
this matter.
Perbedaan temporer yang menimbulkan aset pajak The temporary differences that give rise to the
tangguhan untuk penyisihan penurunan nilai piutang deferred tax asset for the provision for impairment
juga tidak akan kadaluwarsa, namun sebelum of receivables also do not expire, however before
penyisihan tersebut dapat dibebankan, Perusahaan such provision can be deductible the Company must
harus memberikan bukti bahwa piutang tidak provide evidence that the receivables are not
tertagih, dan dengan demikian harus menghapus collectible, and thereby must write-off the
nilai piutang yang tidak tertagih. uncollectible balances.
Aset pajak tangguhan tidak diakui sehubungan Deferred tax assets have not been recognized with
dengan hal-hal diatas karena tidak memungkinkan respect to the above items because it is not
akan tersedia laba fiskal yang memadai pada masa probable that future taxable profits will be
mendatang yang bisa dimanfaatkan Grup untuk available against which the Group can utilize the
keuntungannya. benefits therefrom.
Page 147
Ekshibit E/23 Exhibit E/23
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
7. PERPAJAKAN (lanjutan) 7. TAXATION (continued)
f. Beban pajak penghasilan f. Income tax expense
Rekonsiliasi antara beban pajak penghasilan, yang The reconciliation between income tax expense as
dihitung dengan menggunakan tarif pajak yang calculated by applying the applicable tax rate to
berlaku atas laba komersial sebelum pajak the commercial profit before income tax and the
penghasilan dan beban pajak penghasilan, seperti income tax expense as presented in the
yang tercantum dalam laporan laba rugi consolidated statement of profit or loss is as
konsolidasian adalah sebagai berikut: follows:
31 Desember/ 31 Desember
December 2025 December 2024
Laba konsolidasian sebelum Consolidated profit before
pajak penghasilan 6.608.617 4.915.226 income tax
Dikurangi: Less:
(Laba) rugi sebelum pajak (Profit) loss before income tax of
penghasilan entitas anak (5.168.880) 776.931 subsidiaries
Eliminasi dan penyesuaian ke Eliminations and other adjustments
metode biaya 1.326.013 (2.698.967) to cost method
Laba sebelum pajak Profit before income tax
penghasilan Perusahaan 2.765.750 2.993.190 of the Company
Tarif pajak yang berlaku 22% 22% Statutory tax rate
Beban pajak penghasilan 608.465 658.502 Income tax expense
Pengaruh pajak Tax effect on fiscal
atas koreksi fiskal (577.301) (655.459) corrections
Pengaruh pajak atas (kerugian) Tax effect on (loss) gain on
keuntungan investasi pada saham investments in shares and other
dan efek lainnya (746.596) 1.630.542 securities
(Manfaat) beban pajak penghasilan: Income tax (benefit) expense:
Perusahaan (715.432) 1.633.585 The Company
Entitas anak 1.723 (9.855) Subsidiaries
(Manfaat) beban pajak penghasilan (713.709) 1.623.730 Income tax (benefit) expense
Komponen beban (manfaat) pajak penghasilan The components of income tax expense (benefit)
adalah sebagai berikut: are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Kini: Current:
Perusahaan 32.124 4.247 The Company
Entitas anak 3.529 4.970 Subsidiaries
35.653 9.217
Tangguhan: Deferred:
Perusahaan (747.556) 1.629.338 The Company
Entitas anak (1.806) (14.825) Subsidiaries
(749.362) 1.614.513
(713.709) 1.623.730
Page 148
Ekshibit E/24 Exhibit E/24
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
7. PERPAJAKAN (lanjutan) 7. TAXATION (continued)
f. Beban pajak penghasilan (lanjutan) f. Income tax expense (continued)
Sesuai peraturan perpajakan di Indonesia, Under the taxation laws of Indonesia, the Company
Perseroan melaporkan/menyetorkan pajak- submits tax returns on the basis of self-
pajaknya berdasarkan sistem self-assessment. assessment. The tax authorities may assess or
Fiskus dapat menetapkan atau mengubah pajak- amend taxes within the statute of limitations,
pajak tersebut sebelum waktu kadaluwarsa sesuai under prevailing regulations.
dengan peraturan perpajakan yang berlaku.
Posisi pajak Perseroan mungkin dapat The Company’s tax positions may be challenged by
dipertanyakan otoritas pajak. Posisi pajak the tax authorities. The Company’s tax positions
Perseroan dibuat berdasarkan dasar teknis, sesuai are formed on sound technical bases, in
dengan peraturan perpajakan. Oleh karena itu, compliance with the tax regulations. Accordingly,
manajemen berkeyakinan bahwa tidak ada akrual management believes that no additional accruals
tambahan untuk potensi liabilitas pajak for potential income tax liabilities is necessary.
penghasilan yang diperlukan. Penelaahan tersebut The assessment relies on estimates and
didasarkan atas estimasi dan asumsi dan melibatkan assumptions and may involve judgment about
pertimbangan akan kejadian di masa depan. future events. New information may become
Informasi baru mungkin dapat tersedia yang available that causes management to change its
menyebabkan manajemen mengubah judgement. Such changes will impact tax expense
pertimbangannya. Perubahan tersebut akan in the period in which such determination is made.
mempengaruhi beban pajak di periode dimana
penentuan tersebut dibuat.
8. PINJAMAN 8. BORROWINGS
31 Desember/ 31 Desember/
December 2025 December 2024
Pinjaman bank 1.451.730 3.203.515 Bank loans
Akrual beban bunga 12.164 28.602 Accrued interest
Dikurangi: biaya transaksi yang belum Less: unamortized
diamortisasi (13.423) (18.142) transaction costs
1.450.471 3.213.975
31 Desember/ 31 Desember/
December 2025 December 2024
Dalam ribuan Dalam ribuan
Dolar AS/ Setara Rp/ Dolar AS/ Setara Rp/
In thousands Equivalent In thousands Equivalent
of US Dollar Rp of US Dollar Rp
Pinjaman bank: Bank loans:
Rupiah Rupiah
PT Bank Permata Tbk. - 500.000 - 700.000 PT Bank Permata Tbk.
PT Bank DBS Indonesia - 350.000 - 913.000 PT Bank DBS Indonesia
PT Bank HSBC Indonesia - 350.000 - 765.000 PT Bank HSBC Indonesia
Standard Chartered Bank - - - 415.000 Standard Chartered Bank
Dolar AS US Dollar
Standard Chartered Bank 15.000 251.730 1.800 29.092 Standard Chartered Bank
PT Bank DBS Indonesia - - 13.100 211.722 PT Bank DBS Indonesia
PT Bank Maybank Indonesia Tbk. - - 10.500 169.701 PT Bank Maybank Indonesia Tbk.
15.000 1.451.730 25.400 3.203.515
Biaya transaksi yang belum Unamortized transaction
diamortisasi (13.423) (18.142) costs
Akrual beban bunga 12.164 28.602 Accrued interest
1.450.471 3.213.975
Page 149
Ekshibit E/25 Exhibit E/25
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
8. PINJAMAN (lanjutan) 8. BORROWINGS (continued)
Ikhtisar perjanjian pinjaman bank: Summary of bank loans’ agreement:
Tanggal Batas maksimum
Entitas/ perjanjian/ kredit/ Jangka waktu fasilitas/
Bank Deskripsi/Description
Entity Agreement Maximum credit Duration of facilities
date limit
Perusahaan/ PT Bank 11 September USD20.000.000 Fasilitas ini tersedia selama Fasilitas revolving pinjaman
The Company HSBC 2014 dan dapat ditarik satu tahun sejak tanggal jangka pendek/Revolving
Indonesia dalam Rupiah/ and perjanjian ditandatangani dan short term loan facility
can be drawdown akan diperpanjang untuk
in Rupiah periode setiap 12 bulan dan
Tujuan dari pinjaman ini
akan terus berlaku hingga Bank
adalah untuk pendanaan/ The
secara tertulis membatalkan,
purpose of this borrowing is
menghentikan, atau
for financing.
membebaskan Debitur dari
kewajibannya sesuai dengan
perjanjian, jangka waktu Fasilitas ini masih tersedia
untuk setiap penarikan dan nilai yang terutang pada
pinjaman adalah 1, 3 dan tanggal 31 Desember 2025
6 bulan sejak pencairan/The dan 2024 adalah masing-
facility is available for one masing sebesar Rp nil dan
year from the date of the Rp265.000. /This facility is
agreement signed and shall be still available and the
extended for every 12 months outstanding balance as of
period and shall continue to 31 December 2025 and 2024
be applicable until the Bank were Rp nil and Rp265,000,
cancel, cease, or discharge in respectively.
writing the Borrower from its
obligations under the
agreement, with maximum
period for each loan of 1, 3
and 6 months from
disbursement.
Perusahaan/ PT Bank DBS 16 Oktober/ Rp370.000 1 Oktober 2025 sampai dengan Fasilitas revolving pinjaman
Indonesia dan/and 31 Oktober 2026/1 October jangka pendek/Revolving
The Company October 2017 2025 until 31 October 2026. short term loan facility
(yang terakhir USD55.000.000
diubah per (Sebesar Tujuan dari pinjaman ini
tanggal Rp370.000 dan adalah untuk pendanaan/The
22 Desember USD25.000.000 purpose of this borrowing is
2025 /which dari fasilitas ini for financing.
last amended bergantung pada
on jumlah deposito Nilai pinjaman yang terutang
22 December yang tersedia di pada tanggal 31 Desember
2025) entitas anak pada 2025 adalah sebesar Rp nil
saat pencairan dan pada tanggal
pinjaman/ 31 Desember 2024 adalah
Amounting of sebesar Rp413.000 dan
Rp370,000 and USD13.100.000. /The
USD25,000,000 outstanding borrowing as of
from this facility 31 December 2025 was Rp nil
depends on the and as of 31 December 2024
amount of was Rp413,000 and
deposits available USD13,100,000.
in the subsidiary
upon disbursement
of the loan).
Page 150
Ekshibit E/26 Exhibit E/26
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
8. PINJAMAN (lanjutan) 8. BORROWINGS (continued)
Ikhtisar perjanjian pinjaman bank: (lanjutan) Summary of bank loans’ agreement: (continued)
Batas maksimum
Entitas/ Tanggal kredit/ Jangka waktu fasilitas/
Bank Deskripsi/Description
Entity perjanjian/ Maximum credit Duration of facilities
Agreement date limit
Perusahaan/ Standard 26 Maret/ USD90.000.000 Fasilitas ini tersedia selama Fasilitas revolving pinjaman jangka
Chartered dan dapat ditarik satu tahun sejak tanggal pendek/Revolving short term
The Company March 2020 (yang
Bank (SCB) dalam Rupiah/ perjanjian ditandatangani
terakhir diubah loan facility
and can be dan akan diperpanjang untuk
per tanggal
drawdown in periode setiap 12 bulan.
6 Oktober Pada akhir periode
2025/which last Rupiah Tujuan dari pinjaman ini adalah
ketersediaan, SCB untuk pendanaan/ The purpose
amended on 6 (Sebesar berdasarkan
October 2025) USD60.000.000 of this borrowing is for
kebijaksanaannya sewaktu-
dari fasilitas ini waktu berhak melanjutkan financing.
bergantung pada fasilitas untuk 12 bulan
saldo yang berikutnya atau Nilai pinjaman yang terutang
tersedia di membatalkannya. Jangka pada tanggal 31 Desember 2025
rekening entitas waktu maksimal untuk setiap adalah sebesar USD15.000.000
pinjaman adalah 3 bulan dan pada tanggal 31 Desember
anak pada saat sejak pencairan/The facility
pencairan 2024 adalah sebesar Rp415.000
is available for one year dan USD1.800.000. / The
pinjaman/ from the date of the outstanding borrowing as of
Amounting of agreement signed and shall 31 December 2025 was
USD60,000,000 be extended for every 12 USD15,000,000 and as of
from this facility months period. At the end of 31 December 2024 was Rp415,000
depends on the availability period, SCB at its and USD1,800,000.
available balance own discretion has the right
in the to continue the facility for
another 12 months or cancel
subsidiary’s the facility. The maximum
account upon period for each loan is
disbursement of 3 months from disbursement.
the loan).
Perusahaan/ PT Bank 18 Januari/ IDR500.000 5 tahun sejak tanggal Fasilitas pinjaman berjangka/Term
The Company HSBC January penarikan pertama / loan facility
Indonesia 2024 (yang 5 years from the first
terakhir diubah utilization date. Tujuan dari pinjaman ini adalah
per tanggal
untuk investasi dan pendanaan
28 November umum/The purpose of this
2025/which last borrowing is for investment and
amended on 28 general purposes.
November 2025)
Nilai pinjaman yang terutang pada
tanggal 31 Desember 2025 dan
2024 adalah sebesar Rp350.000 dan
Rp500.000. / The outstanding
balance as of 31 December 2025
and 2024 was Rp350,000 and
Rp500,000, respectively.
Perusahaan/ PT Bank 31 Januari/ IDR700.000 5 tahun sejak tanggal Fasilitas pinjaman berjangka/Term
The Company Permata January perjanjian / 5 years from the loan facility
Tbk. 2024 (yang agreement date.
terakhir diubah
per tanggal Tujuan dari pinjaman ini adalah
28 November untuk investasi dan pendanaan
2025 /which last umum/The purpose of this
amended on borrowing is for investment and
28 November general purposes.
2025)
Nilai pinjaman yang terutang pada
tanggal 31 Desember 2025 dan
2024 adalah sebesar Rp500.000
dan Rp700.000. / The outstanding
balance as of 31 December 2025
and 2024 was Rp500,000 and
Rp700,000, respectively.
Page 151
Ekshibit E/27 Exhibit E/27
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
8. PINJAMAN (lanjutan) 8. BORROWINGS (continued)
Ikhtisar perjanjian pinjaman bank: (lanjutan) Summary of bank loans’ agreement: (continued)
Tanggal Batas maksimum
Entitas/ perjanjian/ kredit/ Jangka waktu fasilitas/
Bank Deskripsi/Description
Entity Agreement Maximum credit Duration of facilities
date limit
Perusahaan/ PT Bank DBS 5 Februari/ IDR500.000 5 tahun sejak tanggal penarikan Fasilitas pinjaman
The Company Indonesia February pertama/ berjangka/Term loan facility
2024 (yang 5 years from the first utilization
terakhir diubah date.
per tanggal Tujuan dari pinjaman ini
22 Desember adalah untuk investasi dan
2025 /which pendanaan umum/The
last amended purpose of this borrowing is
on for investment and general
22 December purposes.
2025)
Nilai pinjaman yang terutang
pada tanggal 31 Desember
2025 dan 2024 adalah sebesar
Rp350.000 dan Rp500.000. /
The outstanding balance as of
31 December 2025 and 2024
was Rp350,000 and
Rp500,000, respectively.
Perusahaan/ PT Bank 4 Desember / Rp250.000 1 tahun sejak tanggal 4 Fasilitas revolving pinjaman
The Company Maybank December 2024 Desember 2025 / jangka pendek/Revolving
Indonesia (yang terakhir 1 year from 4 December 2025. short term loan facility
Tbk. diubah per
tanggal
26 Februari Tujuan dari pinjaman ini
2026 /which adalah untuk pendanaan
last amended umum Perusahaan/The
on purpose of this borrowing is
26 February for general corporate
2026) purposes.
Nilai pinjaman yang
terutang pada tanggal
31 Desember 2025 dan 2024
adalah sebesar Rp nil dan
USD10.500.000. / The
outstanding balance as of
31 December 2025 dan 2024
was Rp nil and
USD10,500,000,
respectively.
Perusahaan/ PT Bank 24 Februari / Rp300.000 Sampai dengan 18 Agustus 2026/ Fasilitas revolving pinjaman
The Company Permata Tbk. February 2025 Until 18 August 2026. jangka pendek/Revolving
(yang terakhir short term loan facility
diubah per
tanggal
28 November Tujuan dari pinjaman ini
2025 /which adalah untuk pendanaan
last amended umum Perusahaan/The
on purpose of this borrowing is
28 November for general corporate
2025) purposes.
Nilai pinjaman yang
terutang pada tanggal
31 Desember 2025 adalah
sebesar Rp nil. / The
outstanding balance as of
31 December 2025 was Rp
nil.
Page 152
Ekshibit E/28 Exhibit E/28
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
8. PINJAMAN (lanjutan) 8. BORROWINGS (continued)
Kisaran suku bunga kontraktual atas pinjaman The range of contractual interest rates on the
Perusahaan yang diberikan oleh Bank adalah sebagai Company’s borrowings provided by the Banks are as
berikut: follows:
31 Desember 31 Desember/
December 2025 December 2024
Rupiah 5,45% - 7,88%, 6,75% - 7,88%, Rupiah
JIBOR + 1,50% JIBOR + 1,50%
Dolar AS 5,00% - 6,15% 6,00% - 6,15%, US Dollar
SOFR + 3,45%
Ringkasan perubahan pinjaman selama tahun berjalan Summary of changes in borrowings during the year is as
adalah sebagai berikut: follows:
31 Desember 31 Desember/
December 2025 December 2024
Saldo awal 3.213.975 926.106) Beginning balance
Penerimaan dari pinjaman bank 2.931.310 3.532.569) Receipt from bank loans
Pembayaran pinjaman bank (4.685.702) (1.294.625) ) Repayments of bank loans
Perubahan saldo akrual beban Change in accrued interest
bunga (16.438) 24.462) balance
Perubahan saldo biaya transaksi ) Change in unamortized
yang belum diamortisasi 4.719 (9.708) transaction costs balance
Effect of changes in exchange
Pengaruh perubahan selisih kurs 2.607 35.171) rate
Saldo akhir 1.450.471 3.213.975) Ending balance
Persyaratan pinjaman Covenants
Grup diwajibkan oleh krediturnya untuk memenuhi The Group is required by the lenders to comply with
persyaratan pinjaman tertentu, seperti batasan rasio certain covenants, such as financial ratio covenants and
keuangan dan persyaratan administrasi tertentu. certain administrative requirements.
Pinjaman terhutang dijamin dengan sebagian saham The outstanding loans are secured by pledges of TBIG,
TBIG, MPMX, MDKA dan/atau ADRO, yang dimiliki MPMX, MDKA and/or ADRO shares, owned (directly or
(secara langsung atau tidak langsung) oleh indirectly) by the Company. The Company is also
Perusahaan. Perusahaan juga diwajibkan untuk required to maintain a certain minimum investment
mempertahankan nilai pasar investasi minimum market value to debt.
tertentu terhadap pinjaman.
9. MODAL SAHAM 9. SHARE CAPITAL
Susunan pemegang saham Perusahaan dan The composition of the shareholders of the Company and
kepemilikannya pada tanggal 31 Desember 2025 dan their respective ownership interests as of 31 December
2024 adalah sebagai berikut: 2025 and 2024 are as follows:
2025
Ditempatkan dan disetor penuh/
Issued and fully paid-up
Persentase
kepemilikan/
Saham/ Percentage Jumlah/
Shares of ownership Amount
PT Unitras Pertama 4.289.610.000 31,62 85.792 PT Unitras Pertama
Edwin Soeryadjaya 4.865.971.990 35,87 97.320 Edwin Soeryadjaya
Sandiaga S. Uno 2.917.827.145 21,51 58.356 Sandiaga S. Uno
Michael W.P. Soeryadjaya 5.410.800 0,04 108 Michael W.P. Soeryadjaya
Devin Wirawan 7.937.000 0,06 159 Devin Wirawan
Lany Djuwita 6.334.500 0,05 127 Lany Djuwita
Masyarakat 1.456.741.465 10,74 29.135 Public
13.549.832.900 99,89 270.997
Saham tresuri 15.002.100 0,11 300 Treasury stocks
13.564.835.000 100,00 271.297
Page 153
Ekshibit E/29 Exhibit E/29
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
9. MODAL SAHAM (lanjutan) 9. SHARE CAPITAL (continued)
2024
Ditempatkan dan disetor penuh/
Issued and fully paid-up
Persentase
kepemilikan/
Saham/ Percentage Jumlah/
Shares of ownership Amount
PT Unitras Pertama 4.438.610.000 32,72 88.772 PT Unitras Pertama
Edwin Soeryadjaya 4.857.467.590 35,81 97.149 Edwin Soeryadjaya
Sandiaga S. Uno 2.917.827.145 21,51 58.357 Sandiaga S. Uno
Michael W.P. Soeryadjaya 5.228.500 0,04 105 Michael W.P. Soeryadjaya
Devin Wirawan 7.251.400 0,05 145 Devin Wirawan
Lany Djuwita 5.738.600 0,04 115 Lany Djuwita
Masyarakat 1.312.404.665 9,68 26.248 Public
13.544.527.900 99,85 270.891
Saham tresuri 20.307.100 0,15 406 Treasury stocks
13.564.835.000 100,00 271.297
Undang-Undang Perseroan Terbatas Republik Indonesia The Limited Liability Company Law of the Republic of
mengharuskan pembentukan cadangan umum dari laba Indonesia requires the establishment of a general
neto sejumlah minimal 20% dari jumlah modal yang reserve from net income amounting to at least 20% of
ditempatkan dan disetor penuh. Cadangan umum ini the Company’s issued and paid up capital. This general
disajikan sebagai saldo laba dicadangkan pada laporan reserve is disclosed as appropriated retained earnings in
posisi keuangan konsolidasian. Tidak ada batasan waktu the consolidated statement of financial position. There
untuk membentuk cadangan tersebut. is no time limit on the establishment of the reserve.
Berdasarkan Rapat Umum Pemegang Saham Tahunan Based on the Annual General Shareholders Meetings
tanggal 25 Juni 2025, pemegang saham menetapkan dated 25 June 2025, the shareholders approved the
cadangan umum sebesar Rp5.000 yang berasal dari laba general reserve amounting to Rp5,000 of the statutory
tahun 2024. reserve from profit during 2024.
Berdasarkan Rapat Umum Pemegang Saham Tahunan Based on the Annual General Shareholders Meetings
tanggal 16 Mei 2024, pemegang saham menetapkan dated 16 May 2024, the shareholders approved the
cadangan umum sebesar Rp5.000 yang berasal dari saldo general reserve amounting to Rp5,000 of the statutory
laba tahun 2023. reserve from retained earnings in 2023.
Saham Tresuri Treasury Stock
Selama tahun 2025 dan 2024 Perusahaan membagikan During 2025 and 2024, the Company distributed 5,305,000
sebanyak 5.305.000 saham dan 8.031.900 saham kepada shares and 8,031,900 shares to its employees with regards
karyawan Perusahaan sehubungan dengan Program to the implementation of Long Term Incentive Program
Insentif Jangka Panjang Perusahaan dengan jumlah nilai for a total distribution price of Rp3,477 and Rp5,264,
distribusi sebesar Rp3.477 dan Rp5.264. respectively.
Per tanggal 31 Desember 2025 dan 2024, jumlah saham As of 31 Desember 2025 and 2024, the Company’s
tresuri Perusahaan adalah sebanyak 15.002.100 saham treasury shares amounted 15,002,100 shares and
dan 20.307.100 saham senilai Rp9.833 dan Rp13.310. 20,307,100 shares of Rp9,833 and Rp13,310,
respectively.
Pembagian Dividen kepada Pemegang Saham Dividend Distribution to Shareholders
Pada Rapat Umum Pemegang Saham Tahunan tanggal At the Annual General Shareholders Meeting on
25 Juni 2025, Perusahaan mengumumkan pembagian 25 June 2025, the Company declared a distribution of
dividen tunai senilai Rp199.860 (Rp14,75 (Rupiah cash dividends amounting to Rp199,860 (Rp14.75 (whole
penuh) per saham) yang dibagikan pada tanggal 23 Juli Rupiah) per share) which was distributed on 23 July 2025.
2025.
Pada Rapat Umum Pemegang Saham Tahunan tanggal At the Annual General Shareholders Meeting on
16 Mei 2024, Perusahaan mengumumkan pembagian 16 May 2024, the Company declared a distribution of cash
dividen tunai senilai Rp297.803 (Rp22 (Rupiah penuh) dividends amounting to Rp297,803 (Rp22 (whole Rupiah)
per saham) yang dibagikan pada tanggal 14 Juni 2024. per share) which was distributed on 14 June 2024.
Page 154
Ekshibit E/30 Exhibit E/30
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
10. TAMBAHAN MODAL DISETOR 10. ADDITIONAL PAID-IN CAPITAL
Setoran modal saham 73.729 Share capital payments
Penawaran umum saham perdana 1.465.004 Initial public offering
Biaya penerbitan saham (69.035) Share issuance costs
Amnesti pajak 86.519 Tax amnesty
Restructuring transactions between
Restrukturisasi entitas sepengendali 3.628.493 entities under common control
5.184.710
11. KEPENTINGAN NONPENGENDALI 11. NON-CONTROLLING INTERESTS
Rincian bagian kepentingan nonpengendali atas The detail of non-controlling interests’ share in equity of
ekuitas entitas anak yang dikonsolidasi adalah sebagai the consolidated subsidiaries is as follows:
berikut:
31 Desember 31 Desember /
December 2025 December 2024
Saldo awal 26.711 79.601 Beginning balance
Bagian atas laba komprehensif 3.530 1.299) Share in comprehensive income
Pembagian dividen kepada kepentingan Dividend distribution to non-controlling
nonpengendali (1.925) - interest
Setoran modal kepentingan Capital contribution from non-controlling
nonpengendali - 24.505 interest
Peningkatan kepemilikan di entitas anak Ownership increase in a subsidiary
yang tidak mengubah pengendalian - (78.737) without a change in control
Komponen ekuitas lainnya - 43 Other equity components
28.316 26.711
Entitas anak lainnya
dengan kepentingan
nonpengendali tidak
material/Other
subsidiaries with
immaterial non-
IIR controlling interest Jumlah/Total
31 Desember 2025: 31 December 2025:
Persentase kepemilikan kepentingan nonpengendali Non-controlling interest’s
6,2686% percentage of ownership
Aset 396.435 Assets
Liabilitas (15.013) Liabilities
Aset neto yang diatribusikan kepada pemilik Net assets attributable to
Perusahaan 381.422 owners of the Company
Net assets attributable to
Aset neto milik kepentingan nonpengendali 23.910 4.406 28.316 non-controlling interest
Entitas anak lainnya
dengan kepentingan
nonpengendali tidak
material/Other
subsidiaries with
immaterial non-
IIR controlling interest Jumlah/Total
31 Desember 2024: 31 December 2024:
Persentase kepemilikan kepentingan nonpengendali Non-controlling interest’s
6,2686% percentage of ownership
Aset 370.161 Assets
Liabilitas (5.843) Liabilities
Aset neto yang diatribusikan kepada pemilik Net assets attributable to
Perusahaan 364.318 owners of the Company
Net assets attributable to
Aset neto milik kepentingan nonpengendali 22.838 3.873 26.711 non-controlling interest
Page 155
Ekshibit E/31 Exhibit E/31
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
12. PENGHASILAN 12. INCOME
a. Keuntungan (kerugian) neto atas investasi pada a. Net gain (loss) on investment in shares and other
saham dan efek lainnya securities
31 Desember/ 31 Desember/
December 2025 December 2024
Blue Chip 3.209.268 2.364.308 Blue Chip
Perusahaan berkembang 1.167.677 (590.134 ) Growth focused
Teknologi digital (299.539) (265.765 ) Digital technology
Lainnya 62.386 (30.222) Other
4.139.792 1.478.187
b. Penghasilan dividen dan bunga b. Dividend and interest income
31 Desember/ 31 Desember/
December 2025 December 2024
Dividen 2.705.356 3.786.644 Dividend
Pendapatan bunga 161.371 62.459 Interest income
2.866.727 3.849.103
13. BEBAN USAHA 13. OPERATING EXPENSES
` 31 Desember/ 31 Desember/
December 2025 December 2024
Gaji karyawan dan kompensasi Employees’ salaries and
lainnya 130.595 127.575 other compensation
Jasa tenaga ahli 52.345 58.867 Professional fees
Sewa 15.112 14.416 Rental
Kantor 11.099 8.736 Office
Donasi 9.089 1.237 Donation
Pembayaran berbasis saham 8.972 18.625 Employee stock option
Penyusutan aset tetap 3.674 1.219 Depreciation of fixed assets
Perjalanan 544 328 Travelling
Lainnya 1.128 1.421 Other
232.558 232.424
14. LABA PER SAHAM 14. EARNING PER SHARE
a. Laba per saham dasar a. Basic earning per share
Laba per saham dasar dihitung dengan cara Basic earning per share is calculated by dividing net
membagi laba neto yang dapat diatribusikan kepada profit attributable to owners of the Company by the
pemilik Perusahaan dengan rata-rata tertimbang weighted average of ordinary shares outstanding
saham biasa yang beredar selama tahun berjalan. during the year.
31 Desember/ 31 Desember/
December 2025 December 2024
Laba neto yang dapat
diatribusikan kepada pemilik Net profit attributable
Perusahaan 7.318.796 3.290.197 to owners of the Company
Rata-rata tertimbang saham Weighted average number of
biasa yang beredar 13.547.187.667 13.540.511.950 ordinary shares issued
Laba per saham dasar
yang dapat diatribusikan Basic earning per share
kepada pemilik Perusahaan attributable to owners of the
(Rupiah penuh) 540 243 Company (whole Rupiah)
Page 156
Ekshibit E/32 Exhibit E/32
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
14. LABA PER SAHAM (lanjutan) 14. EARNING PER SHARE (continued)
b. Laba per saham dilusian b. Diluted earning per share
Perhitungan laba per saham dilusian telah The calculation of diluted earning per share has been
didasarkan pada laba neto yang dapat diatribusikan based on the following net profit attributable to
kepada pemilik Perusahaan dan jumlah rata-rata owners of the Company and weighted-average number
tertimbang saham biasa yang beredar setelah of ordinary shares outstanding after adjustments for
penyesuaian atas dampak dari semua instrumen the effects of all dilutive potential ordinary shares.
berpotensi saham biasa yang bersifat dilutif.
31 Desember/ 31 Desember/
December 2025 December 2024
Laba neto yang dapat
diatribusikan kepada Net profit attributable
pemilik Perusahaan 7.318.796 3.290.197 to owners of the Company
Rata-rata tertimbang saham
biasa yang beredar setelah
penyesuaian atas Weighted average number of
dampak dari semua instrumen ordinary shares outstanding after
berpotensi saham biasa yang adjustments for the effects of all
bersifat dilutif 13.599.446.998 13.730.275.756 dilutive potential ordinary shares
Laba per saham dilusian
yang dapat diatribusikan Dilutive earning per share
kepada pemilik Perusahaan attributable to owners of
(Rupiah penuh) 538 240 the Company (whole Rupiah)
15. SIFAT HUBUNGAN, SALDO DAN TRANSAKSI DENGAN 15. NATURE OF RELATIONSHIP, BALANCES AND
PIHAK-PIHAK BERELASI TRANSACTIONS WITH RELATED PARTIES
Ikhtisar transaksi dan saldo dengan Summary of transactions and balances with related
pihak-pihak berelasi adalah sebagai berikut: parties are as follows:
Persentase terhadap jumlah aset konsolidasian/
Percentage to total consolidated assets
31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/
December 2025 December 2024 December 2025 December 2024
Piutang/receivables:
Rupiah
PT Mulia Gunung Mas 26.651 80.913 0,04% 0,14%
PT Adaro Strategic Investments - 8.550 - 0,01%
Piutang dividen/Dividend receivables:
PT Adaro Strategic Capital 381.861 274.682 0,61% 0,47%
PT Alamtri Resources Indonesia Tbk. 170.524 125.525 0,27% 0,22%
PT Adaro Strategic Lestari 152.220 109.457 0,24% 0,19%
Jumlah/Total 731.256 599.127 )
31 Desember/ 31 Desember/
December 2025 December 2024
Pendapatan bunga: Interest income:
PT Mulia Gunung Mas 16.351 9.470 PT Mulia Gunung Mas
Page 157
Ekshibit E/33 Exhibit E/33
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
15. SIFAT HUBUNGAN, SALDO DAN TRANSAKSI DENGAN 15. NATURE OF RELATIONSHIP, BALANCES AND
PIHAK-PIHAK BERELASI (lanjutan) TRANSACTIONS WITH RELATED PARTIES (continued)
31 Desember/ 31 Desember/
December 2025 December 2024
Pendapatan dividen: Dividend income:
PT Adaro Strategic Capital 1.143.759 825.398 PT Adaro Strategic Capital
PT Adaro Strategic Lestari 455.877 328.988 PT Adaro Strategic Lestari
PT Alamtri Resources Indonesia Tbk. 366.366 1.967.155 PT Alamtri Resources Indonesia Tbk.
PT Mitra Pinasthika Mustika Tbk. 303.610 290.960 PT Mitra Pinasthika Mustika Tbk.
Bersama Digital Infrastructure Asia Bersama Digital Infrastructure Asia Pte.
Pte. Ltd. 174.930 246.160 Ltd.
PT Tower Bersama Infrastructure Tbk. 50.362 116.795 PT Tower Bersama Infrastructure Tbk.
PT Alamtri Mineral Indonesia Tbk. 5.371 - PT Alamtri Mineral Indonesia Tbk.
PT Samator Indo Gas Tbk. 2.625 - PT Samator Indo Gas Tbk.
Jumlah 2.502.900 3.775.456 Total
Tabel berikut mengikhtisarkan transaksi dan saldo yang The following table summarizes the transactions and
tereliminasi pada saat proses konsolidasi: balances which were eliminated in the consolidation
process:
31 Desember/ 31 Desember/
December 2025 December 2024
Uang muka penyertaan saham: Advances for investment in shares:
PT Surya Nuansa Ceria - 39.900 PT Surya Nuansa Ceria
PT Trimitra Karya Jaya - 8.550 PT Trimitra Karya Jaya
PT Lintas Indonesia Sejahtera - 201 PT Lintas Indonesia Sejahtera
Jumlah - 48.651 Total
31 Desember/ 31 Desember/
December 2025 December 2024
Pendapatan dividen: Dividend income
PT Wahana Anugerah Sejahtera 312.016 63.808 PT Wahana Anugerah Sejahtera
PT Interra Indo Resources 28.781 - PT Interra Indo Resources
PT Saratoga Sentra Business - 54.431 PT Saratoga Sentra Business
Jumlah 340.797 118.239 Total
Perusahaan memberikan remunerasi kepada anggota The Company provided remuneration to member of
Komisaris dan Direksi Perusahaan (Personel Manajemen Commissioners and Directors of the Company (Key
Kunci) berupa gaji dan tunjangan dengan jumlah Management Personnel) in the form of salaries and other
keseluruhan masing-masing sebesar Rp34.813 dan benefits totaling Rp34,813 and Rp34,416 for the years
Rp34.416 untuk tahun yang berakhir pada tanggal ended 31 December 2025 and 2024, respectively.
31 Desember 2025 dan 2024.
Pihak-pihak berelasi yg memiliki transaksi di 2025 dan The related parties with transactions in 2025 and 2024,
2024, dan sifat hubungannya adalah sebagai berikut: and the nature of relationship are as follows:
Pihak-pihak berelasi/Related parties Sifat hubungan/Nature of relationship
PT Surya Nuansa Ceria Entitas anak/Subsidiary
PT Lintas Indonesia Sejahtera Entitas anak/Subsidiary
PT Trimitra Karya Jaya Entitas anak/Subsidiary
PT Interra Indo Resources Entitas anak/Subsidiary
PT Saratoga Sentra Business Entitas anak/Subsidiary
PT Wahana Anugerah Sejahtera Entitas anak/Subsidiary
Lynwood Hills Investment Solution Pte. Ltd. Entitas anak/Subsidiary of PT Wahana Anugerah Sejahtera
Bersama Digital Infrastructure Asia Pte. Ltd. Entitas asosiasi/associate of Lynwood Hills Investment
Solution Pte. Ltd.
PT Tower Bersama Infrastructure Tbk. Entitas investasi dari pemegang saham akhir/Investment
entity of an ultimate shareholder
PT Mitra Pinasthika Mustika Tbk. Entitas anak/Subsidiary
PT Mulia Bosco Logistik Entitas anak/Subsidiary
PT Mulia Gunung Mas Entitas anak/Subsidiary of PT Mulia Bosco Logistik
PT Adaro Strategic Lestari Entitas asosiasi/Associate
PT Adaro Strategic Capital Entitas asosiasi/Associate
PT Adaro Strategic Investments Entitas anak/Subsidiary of PT Adaro Strategic Capital
PT Alamtri Resources Indonesia Tbk. Entitas investasi dari pemegang saham akhir/Investment
entity of an ultimate shareholder
PT Alamtri Mineral Indonesia Tbk. Entitas dengan kesamaan manajemen kunci/Entity with
key management similarities
Page 158
Ekshibit E/34 Exhibit E/34
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
15. SIFAT HUBUNGAN, SALDO DAN TRANSAKSI DENGAN 15. NATURE OF RELATIONSHIP, BALANCES AND
PIHAK-PIHAK BERELASI (lanjutan) TRANSACTIONS WITH RELATED PARTIES (continued)
Pihak-pihak berelasi yg memiliki transaksi di 2025 dan The related parties with transactions in 2025 and 2024,
2024, dan sifat hubungannya adalah sebagai berikut: and the nature of relationship are as follows:
(lanjutan) (continued)
Pihak-pihak berelasi/Related parties (lanjutan) Sifat hubungan/Nature of relationship (continued)
PT Samator Indo Gas Tbk. Entitas dengan kesamaan manajemen kunci/Entity with
key management similarities
16. INFORMASI SEGMEN 16. SEGMENT INFORMATION
Grup membagi kategori informasi segmen menjadi 3 The Group categorizes the segment information into 3
(tiga) sektor utama yang merupakan target investasi (three) main sectors which are the investment target of
dari Perusahaan. the Company.
Penetapan segmen ini ditentukan berdasarkan These segments are determined based on the following
pertimbangan sebagai berikut: considerations:
1. Perusahaan Blue Chip 1. Blue Chip Companies
Perusahaan yang masuk di kategori ini adalah Companies included in this category are companies
perusahaan yang memiliki reputasi nasional, baik that have a national reputation, both in terms of
dari sisi kualitas, kemampuan serta keandalan quality, ability and reliability to operate profitably
untuk beroperasi yang menguntungkan dalam in various economic situations with good or bad
berbagai situasi ekonomi dengan keadaan baik conditions, usually listed as part of LQ45 in the
maupun buruk, biasanya masuk sebagai bagian Indonesia Stock Exchange.
LQ45 di Bursa Efek Indonesia.
2. Perusahaan Berbasis Teknologi Digital 2. Digital Technology Companies
Perusahaan yang didefinisikan di sini adalah Companies defined here are companies that place an
perusahaan dengan penekanan pada digitalisasi emphasis on digitizing business processes and
proses bisnis dan jasa melalui teknologi dan sistem services through sophisticated information
informasi yang canggih. technology and systems.
3. Perusahaan Berkembang 3. Growth Focused Companies
Perusahaan yang masuk di kategori ini adalah Companies that included in this category are
perusahaan yang masih dalam proses berkembang companies that are still in the process of developing
baik dari sisi pendapatan, maupun penambahan both in terms of income, as well as increasing the
jumlah tenaga kerja agar bisa menjadi besar di number of workers so that they can become bigger
masa yang akan datang. in the future.
Informasi segmen operasi Grup untuk tahun yang The Group’s operating segment information for the
berakhir 31 Desember 2025 dan 2024 adalah sebagai years ended 31 December 2025 and 2024 was as follows:
berikut:
Teknologi Perusahaan
digital/ berkembang/
Digital Growth Lain-lain/ Jumlah/
31 Desember 2025 Blue Chip technology focused Others Total 31 December 2025
Penghasilan (kerugian) Income (loss)
(Catatan 12a dan 12b) 5.583.992 (299.539) 1.498.309 223.757 7.006.519 (Note 12a and 12b)
Aset segmen dilaporkan 48.735.010 716.151 9.459.953 3.599.728 62.510.842 Reportable segment assets
Teknologi Perusahaan
digital/ berkembang/
Digital Growth Lain-lain/ Jumlah/
31 Desember 2024 Blue Chip technology focused Others Total 31 December 2024
Penghasilan (kerugian) Income (loss)
(Catatan 12a dan 12b) 5.848.803 (265.765 ) (287.986 ) 32.238 5.327.290 (Note 12a and 12b)
Aset segmen dilaporkan 45.517.065 933.841 7.392.667 3.998.284 57.841.857 Reportable segment assets
Page 159
Ekshibit E/35 Exhibit E/35
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
16. INFORMASI SEGMEN (lanjutan) 16. SEGMENT INFORMATION (continued)
Penghasilan terdiri dari keuntungan neto atas investasi Income comprised of net gain on investments in shares
pada saham dan efek lainnya serta penghasilan dividen and other securities as well as dividend and interest
dan bunga. income.
Lokasi operasi komersial investee dari semua investasi The underlying investee’s commercial operation of the
Grup sebagian besar berada di Indonesia. Group’s investments are mainly in Indonesia.
17. NILAI WAJAR INSTRUMEN KEUANGAN 17. FAIR VALUE OF FINANCIAL INSTRUMENTS
Tabel di bawah menunjukkan nilai tercatat dan nilai The following table shows the carrying amounts and
wajar aset dan liabilitas keuangan, termasuk levelnya fair values of financial assets and liabilities, including
dalam hirarki nilai wajar. Informasi di dalam tabel tidak their levels in the fair value hierarchy. It does not
termasuk nilai wajar aset dan liabilitas keuangan yang include fair value information for financial assets and
tidak diukur pada nilai wajar, yang nilai tercatatnya financial liabilities not measured at fair value if the
diperkirakan mendekati nilai wajarnya. carrying amount is a reasonable approximation of fair
value.
Nilai tercatat/
Carrying amount Nilai wajar/Fair value
Nilai wajar melalui
laba rugi/ Fair value
31 Desember/December 2025 through profit or loss Biaya/Cost Level 1 Level 2 Level 3
Investasi pada saham (Catatan 5)/
Investments in shares (Note 5) 56.742.393 - 26.112.930 25.485.894 5.143.569
Investasi pada efek lainnya (Catatan 6)/
Investments in other securities (Note 6) 3.916.234 370.759 2.011 1.030.083 2.513.381
31 Desember/December 2024
Investasi pada saham (Catatan 5)/
Investments in shares (Note 5) 51.912.192 1.732.305 20.734.958 27.530.609 1.914.320
Investasi pada efek lainnya (Catatan 6)/
Investments in other securities (Note 6) 3.633.699 928.786 2.009 961.153 1.741.751
Perhitungan nilai wajar diatas menggunakan beberapa The calculation of the fair value above uses several
metode pendekatan sebagai berikut: methods of approach as follows:
Pendekatan biaya Cost approach
Perusahaan mengkaji bahwa investasi yang baru The Company has assessed that recently acquired
diperoleh dalam 12 bulan terakhir memiliki nilai investment within the last 12 months has acquisition
perolehan yang mencerminkan nilai wajar. Selama tidak cost reflecting fair value. As long as there is no event
ada peristiwa setelah tanggal perolehan sampai dengan after acquisition date to reporting date that indicates
tanggal pelaporan yang mengindikasikan adanya significant changes to its fair value, such as market
perubahan nilai wajar yang signifikan, seperti kontraksi contraction due to the use of obsolete technology or
pasar akibat penggunaan teknologi yang usang atau disruptive innovations, its acquisition cost is the
inovasi-inovasi disruptif, nilai perolehan tersebut amount carried at approximately fair value at
merupakan nilai tercatat yang mendekati nilai wajar reporting date.
pada tanggal pelaporan.
Pendekatan nilai aset neto Net asset value approach
Perusahaan menggunakan nilai tercatat aset neto pada The Company uses the carrying amounts of net assets
perusahaan investasi dalam menentukan nilai investasi of the investees in determining the value of their
mereka. Pendekatan ini saat ini diterapkan di investasi investments. The approach is currently applied to
yang mana investee-nya memiliki aset neto dengan nilai investments in which the investees have significant net
wajar level 1 yang signifikan. assets measured at fair value level 1.
Pendekatan pasar dan pendapatan Market and income approaches
Manajemen menggunakan dua pendekatan yaitu Management uses both income approach (the
pendekatan pendapatan (analisa arus kas terdiskonto Discounted Cash Flow (DCF) analysis) and market
(DCF)) dan pendekatan pasar (berdasarkan beberapa approach (based on several markets of comparable
pasar dari perusahaan sejenis) untuk mengestimasi nilai companies) to estimate the fair value of the
wajar investasi tersebut. investments.
Page 160
Ekshibit E/36 Exhibit E/36
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
17. NILAI WAJAR INSTRUMEN KEUANGAN (lanjutan) 17. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)
Pendekatan pasar dan pendapatan (lanjutan) Market and income approaches (continued)
Pendekatan ini diterapkan di investasi yang mana The aproach is applied to investments in which the
investee-nya merupakan perusahaan nonpublik dan investees are non-public companies and have promising
memiliki aktivitas komersial yang menjanjikan. commercial activities.
Investee tersebut bergerak di bidang industri yang These investees are engaged in various industries and
beragam dan memiliki peluang bisnis, paparan risiko, have varying business opportunities, risk exposure,
profil pasar dan lingkungan persaingan yang juga market profile and competitive environment as well.
bervariasi. Estimasi nilai wajarnya disusun dengan Their fair value estimations are prepared by considering
mempertimbangkan banyak asumsi-asumsi yang unik many unique assumptions and relevant to their
dan relevan di industri investee terkait. Karenanya, respective industries. As a result, providing an
pengungkapan analisa sensitivitas secara agregat atas aggregated disclosure of sensitivity analysis on the key
input penting yang digunakan tidak praktis dan berarti. inputs used would not be practiceable nor meaningful.
18. MANAJEMEN RISIKO KEUANGAN 18. FINANCIAL RISK MANAGEMENT
Grup menyadari bahwa risiko merupakan bagian yang The Group realizes that risk is an integral part of its
tidak terpisahkan dari operasional Grup dan dapat operational activities and can be managed practically and
dikelola secara praktis dan efektif setiap hari. effectively day by day.
Pengelolaan risiko Grup mencakup keseluruhan lingkup Risk management within the Group includes overall scope
aktivitas usaha Grup, yang didasarkan pada kebutuhan of business activities within the Group, which is based on
akan keseimbangan antara fungsi operasional bisnis the necessity of balance between business operational
dengan pengelolaan risikonya. Dengan manajemen function and its risk management thereof. With proper
risiko dan kebijakan yang berfungsi baik, maka risk management and policy, risk management will
manajemen risiko akan menjadi mitra strategis bagi become a strategic partner to the business in obtaining
bisnis dalam mendapatkan hasil optimal dari operasi optimal outcomes from the Group’s course of operations.
Grup.
Berbagai aktivitas yang dilakukan membuat Grup The Group’s various activities expose to a variety of
terekspos terhadap berbagai risiko keuangan, termasuk financial risks, including the effects of foreign currency
dampak nilai tukar mata uang asing dan tingkat suku exchange rates and interest rates. The objectives of the
bunga. Tujuan dari manajemen risiko Grup adalah untuk Group’s risk management are to identify, measure,
mengidentifikasi, mengukur, mengawasi, dan mengelola monitor, and manage basic risks in order to safeguard the
risiko dasar dalam upaya melindungi kesinambungan Group's long term business continuity and to minimize
bisnis dalam jangka panjang dan meminimalisasi dampak potential adverse effects on the financial performance of
yang tidak diharapkan pada kinerja keuangan Grup. the Group.
Grup memiliki eksposur terhadap risiko investasi dan The Group has exposure to investment risk and also the
risiko-risiko atas instrumen keuangan seperti risiko risks from financial instruments, such as credit risk,
kredit, risiko pasar, risiko likuiditas dan risiko market risk, liquidity risk and capital risk.
permodalan.
a. Risiko kredit a. Credit risk
Risiko kredit adalah risiko kerugian yang timbul jika Credit risk is the risk of loss if the Group’s
pelanggan Grup gagal memenuhi kewajiban customers fail to fulfill their contractual
kontraktualnya. Risiko kredit terutama melekat obligations. Credit risk is primarily attributable to
pada kas dan setara kas di bank dan piutang. its cash and cash equivalents in banks and
receivables.
Kas di bank dan setara kas Grup ditempatkan di bank The Group’s cash in banks and cash equivalents are
yang bereputasi baik dan tunduk terhadap regulasi deposited at reputable banks that are subject to
yang ketat, oleh sebab itu, eksposur kerugian adalah tight regulations, therefore, the exposure to loss is
minimal. minimized.
Page 161
Ekshibit E/37 Exhibit E/37
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
18. MANAJEMEN RISIKO KEUANGAN (lanjutan) 18. FINANCIAL RISK MANAGEMENT (continued)
a. Risiko kredit (lanjutan) a. Credit risk (continued)
Risiko kredit dikelola terutama melalui penetapan Credit risk is managed primarily through
kebijakan Grup dalam pemberian fasilitas kredit determining the credit policies to mitigate the
untuk mengurangi risiko kredit atas piutang. Saldo credit risk of receivables. Receivable balances are
piutang dimonitor secara berkelanjutan untuk monitored on an ongoing basis to reduce the
mengurangi eksposur terhadap kredit macet. exposure to bad debts.
Eksposur maksimum dari aset keuangan di laporan The maximum exposure of the financial assets in the
posisi keuangan konsolidasian terhadap risiko kredit consolidated statements of financial position is
adalah sama dengan nilai tercatatnya. equal to their carrying amounts.
Konsentrasi risiko kredit dari piutang Grup per The concentration of credit risk of the Group’s
31 Desember 2025 dan 2024 berdasarkan segmen receivables based on operating segments as of
operasi adalah: 31 December 2025 and 2024 are:
30 Desember/ 31 Desember/
December 2025 December 2024
Blue Chip 704.605 518.214 Blue chip
Perusahaan berkembang 26.651 80.913 Growth focused
Lainnya 438 2.077 Others
731.694 601.204
Tabel berikut menyajikan rincian aset keuangan The following table presents the detail of financial
berdasarkan kualitas kreditnya: assets by their credit quality:
31 Desember/December 2025
Nilai tercatat/ Penurunan nilai/
Carrying amount Impairment Pokok/Gross
Kas di bank dan setara kas 966.356 - 966.356 Cash in banks and cash equivalents
Kas yang dibatasi
penggunaannya 1.125 - 1.125 Restricted cash
Piutang 731.694 66.160 797.854 Receivables
1.699.175 66.160 1.765.335
31 Desember/December 2024
Nilai tercatat/ Penurunan nilai/
Carrying amount Impairment Pokok/Gross
Kas di bank dan setara kas 1.532.623 - 1.532.623 Cash in banks and cash equivalents
Kas yang dibatasi
penggunaannya 1.012 - 1.012 Restricted cash
Piutang 601.204 107.694 708.898 Receivables
2.134.839 107.694 2.242.533
Tanggal 31 Desember 2025 dan 2024, tidak terdapat As of 31 December 2025 and 2024, there are no
piutang material yang telah jatuh tempo namun tidak material past due but not impaired receivables.
diturunkan nilainya. Manajemen telah mengkaji Management has assessed that all unimpaired
bahwa seluruh piutang yang tidak diturunkan nilainya receivables remain collectible.
dapat tertagih.
Page 162
Ekshibit E/38 Exhibit E/38
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
18. MANAJEMEN RISIKO KEUANGAN (lanjutan) 18. FINANCIAL RISK MANAGEMENT (continued)
b. Risiko pasar b. Market risk
Grup terekspos terhadap risiko pasar yang berkaitan The Group is exposed to market risk in relation to
dengan perubahan nilai suku bunga dan nilai tukar changes in interest rates and foreign exchange rates
mata uang asing yang akan menyebabkan which may result in decrease in income, or increase
berkurangnya penghasilan, atau bertambahnya in the Group’s cost of capital.
biaya modal Grup.
Risiko nilai tukar mata uang asing Foreign exchange risk
Risiko nilai tukar mata uang asing adalah risiko Foreign exchange rate risk is the risk that the fair
bahwa nilai wajar atau arus kas masa depan value or future cash flows of a financial instrument
instrumen keuangan akan berfluktuasi karena will fluctuate because of changes in foreign
perubahan dalam nilai tukar mata uang. Grup exchange rates. The Group is exposed to foreign
terekspos terhadap pergerakan nilai tukar mata exchange rate risk mainly from the US Dollar
uang asing terutama dari pinjaman bank dalam Dolar denominated loans from banks. This risk is, to some
AS. Risiko ini, sampai pada batas tertentu, dimitigasi extent, mitigated by certain investments and
dengan investasi dan penghasilan dividen dalam dividend income that are denominated in US Dollar.
Dolar AS.
Grup secara aktif menangani risiko mata uang asing The Group is actively addressing the remaining
yang tersisa melalui: foreign exchange risk through:
1. Pembelian US Dolar dari pasar spot melalui bank; 1. Buying US Dollar in spot market through banks;
dan and
2. Mencari solusi alternatif lain dalam mengatasi 2. Seeking other alternative solutions in
risiko, yaitu melalui lindung nilai penuh atau addressing the risk, i.e a full or partial
sebagian. hedging.
Kegiatan ini diambil dalam menjamin kelangsungan These activities are taken in order to safeguard the
hidup jangka panjang Grup dan meminimalisasi Group’s long term continuity and to minimize
dampak yang buruk terhadap kinerja keuangan potential adverse effects on the financial
Grup. performance of the Group.
Tabel berikut menyajikan posisi keuangan Grup The following table presents the Group’s financial
dalam Dolar AS: position in US Dollar:
31 Desember/ 31 Desember/
Dolar AS December 2025 December 2024 US Dollar
Aset Assets
Kas dan setara kas di bank 50.530.060 52.888.488 Cash and cash equivalents in banks
Kas yang dibatasi penggunaannya 55.786 55.267 Restricted cash
50.585.846 52.943.755
Liabilitas Liabilities
Pinjaman (15.031.667) (25.487.521) Borrowings
(15.031.667) (25.487.521)
Eksposur laporan posisi keuangan Net statement of financial position
neto 35.554.179 27.456.234 exposure
Kurs yang digunakan untuk menjabarkan mata uang asing ke The exchange rates used against the Rupiah at the
dalam Rupiah pada tanggal pelaporan adalah sebagai reporting dates were as follows:
berikut:
31 Desember/ 31 Desember/
December 2025 December 2024
1 Dolar Amerika Serikat (USD) 16.782 16.162 United States Dollar (USD) 1
1 Dolar Singapura (SGD) 13.068 11.919 Singapore Dollar (SGD) 1
1 Dolar Australia (AUD) 11.255 10.082 Australian Dollar (AUD) 1
Page 163
Ekshibit E/39 Exhibit E/39
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
18. MANAJEMEN RISIKO KEUANGAN (lanjutan) 18. FINANCIAL RISK MANAGEMENT (continued)
b. Risiko pasar (lanjutan) b. Market risk (continued)
Risiko nilai tukar mata uang asing (lanjutan) Foreign exchange risk (continued)
Menguatnya/melemahnya Rupiah terhadap Dolar AS The strengthening/weakening of the Rupiah against
pada 31 Desember 2025 dan 2024 akan the US Dollar at 31 December 2025 and 2024 would
mengakibatkan peningkatan atau penurunan ekuitas have increased or decreased equity and profit or loss
dan laba rugi sebesar jumlah yang ditunjukkan di by the amounts shown below, assuming all other
bawah ini, dengan asumsi seluruh variabel lainnya variables held constant.
tetap.
31 Desember/ 31 Desember/
December 2025 December 2024
Rupiah menguat 10% Rupiah strengthens by 10%
Ekuitas [naik (turun) 46.540 34.612) Equity [increase (decrease)]
Profit or loss [increase
Laba rugi [naik (turun)] 46.540 34.612) (decrease)]
Rupiah melemah 10% Rupiah weakens by 10%
Ekuitas [naik (turun) (46.540) (34.612) Equity [increase (decrease)]
Profit or loss [increase
Laba rugi [naik (turun)] (46.540) (34.612) (decrease)]
Risiko suku bunga Interest rate risk
Risiko suku bunga Grup timbul dari pinjaman bank The Group’s interest rate risk arises from bank loans
dan fasilitas kredit yang diterbitkan dengan dasar and credit facilities issued at floating interest rates.
suku bunga mengambang. Oleh karena itu, Grup Accordingly, the Group has an exposure to
memiliki eksposur atas fluktuasi arus kas yang fluctuation in cash flows due to changes in interest
diakibatkan oleh perubahan suku bunga yang rates, which is partially offset with floating interest
sebagian dihapuskan oleh suku bunga mengambang rates from cash and cash equivalents, non-trade
dari kas dan setara kas, piutang non-usaha dan kas receivables and restricted cash. The Group manages
yang dibatasi penggunaannya. Grup mengelola interest income through a mix of fixed and floating
penghasilan bunga melalui kombinasi antara suku interest rates of cash and cash equivalents (including
bunga tetap dan mengambang untuk kas dan setara time deposits), non-trade receivables, and
kas (termasuk deposito berjangka), piutang non- restricted cash and makes comparison of such rates
usaha, dan kas yang dibatasi penggunaannya dan in the relevant financial markets.
membuat perbandingan tingkat suku bunga dengan
yang ada di pasar keuangan.
Grup telah mengkaji bahwa perubahan pada suku The Group has assessed that a change in interest
bunga di akhir periode pelaporan, dimana semua rates at the end of the reporting period, with all
variabel lain tetap sama, tidak akan memiliki other variables remain constant, would not have
dampak signifikan terhadap ekuitas dan laba rugi. significant impact to equity and profit or loss.
c. Risiko likuiditas c. Liquidity risk
Risiko likuiditas merupakan risiko yang timbul dalam Liquidity risk is a risk that arises in situations where
situasi dimana arus kas masuk Grup dari pendapatan the Group’s cash inflows from short-term revenue
jangka pendek tidak cukup untuk memenuhi arus kas is not adequate to cover cash outflows for short-
keluar untuk pengeluaran jangka pendek. term expenditure.
Untuk mengelola risiko likuiditas, Grup menerapkan To manage its liquidity risk, the Group applies the
manajemen risiko sebagai berikut: following risk management:
1. memonitor dan menjaga kas dan setara kas di 1. monitor and maintain its cash and cash
level yang diperkirakan cukup untuk mendanai equivalents at a level deemed adequate to
kegiatan operasional Grup dan mengurangi finance the Group's operational activities and
pengaruh fluktuasi dalam arus kas; to mitigate the effect of fluctuations in cash
flows;
2. secara rutin memonitor perkiraan arus kas dan 2. regularly monitor projected and actual cash
arus kas aktual; flow;
3. secara rutin memonitor profil jatuh tempo 3. regularly monitor loan maturity profiles and
pinjaman dan melakukan penyesuaian make relevant adjustments;
seperlunya;
4. secara terus-menerus menilai kondisi pasar 4. continuously assess the financial markets for
keuangan untuk kesempatan memperoleh opportunities to raise funds; and
dana; dan
5. sebagai tambahan, Grup memiliki fasilitas 5. in addition, the Group has a stand-by loan
pinjaman stand-by yang dapat ditarik sesuai facility that can be drawn down upon request
dengan permintaan untuk mendanai kegiatan to fund its operations when needed.
operasi pada saat diperlukan.
Page 164
Ekshibit E/40 Exhibit E/40
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
18. MANAJEMEN RISIKO KEUANGAN (lanjutan) 18. FINANCIAL RISK MANAGEMENT (continued)
c. Risiko likuiditas (lanjutan) c. Liquidity risk (continued)
Tabel berikut menyajikan liabilitas keuangan Grup 6. The following table presents the Group’s
berdasarkan jatuh tempo kontraktualnya, termasuk financial liabilities based on their contractual
estimasi pembayaran bunga: maturities, including the estimated interest
payments:
Jatuh tempo/Maturity period
Arus kas Kurang dari
kontraktual/ 1 tahun/
Nilai tercatat/ Contractual cash Less than 1-5 tahun/
Carrying amount flows 1 year 1-5 years
31 Desember 2025 31 December 2025
Utang lainnya 25.869 25.869 25.869 - Other payables
Pinjaman 1.450.471 1.705.798 337.677 1.368.121 Borrowings
1.476.340 1.731.667 363.546 1.368.121
31 Desember 2024 31 December 2024
Utang lainnya 5.576 5.576 5.576 - Other payables
Pinjaman 3.213.975 3.772.798 1.660.646 2.112.152 Borrowings
3.219.551 3.778.374 1.666.222 2.112.152
d. Risiko permodalan d. Capital risk
Tujuan Grup mengatur modal adalah untuk menjaga The Group’s objective in managing capital is to
kemampuan Grup untuk melanjutkan usaha yang safeguard the Group’s ability to continue as a going
terus menerus supaya memberikan keuntungan concern in order to provide returns for
kepada pemegang saham dan manfaat ke pemangku shareholders and benefits for other stakeholders,
kepentingan lainnya, serta untuk mempertahankan as well as to maintain an optimal capital structure
struktur modal yang optimal untuk mengurangi biaya to reduce the cost of capital.
modal.
Grup secara aktif dan rutin menelaah dan mengelola The Group actively and regularly reviews and
struktur permodalan dengan mempertimbangkan manages its capital structure by taking into
kebutuhan modal masa depan dan efisiensi modal consideration the future capital requirements and
Grup, profitabilitas masa sekarang dan yang akan capital efficiency of the Group, prevailing and
datang, proyeksi arus kas operasi, proyeksi belanja projected profitability, projected operating cash
modal dan proyeksi peluang investasi yang strategis. flows, projected capital expenditures and
projected strategic investment opportunities.
Grup mengevaluasi struktur modalnya melalui rasio The Group evaluates its capital structure through
pinjaman terhadap modal (gearing ratio) yang the debt-to-equity ratio (gearing ratio), which is
dihitung dengan membagi pinjaman neto dengan calculated by dividing the net debt to equity. Net
modal. Pinjaman neto adalah jumlah liabilitas debt represents the sum of liabilities as presented
sebagaimana disajikan di laporan posisi keuangan in the consolidated statement of financial
konsolidasian, selain liabilitas pajak tangguhan, position, excluding deferred tax liabilities, less
dikurangi kas dan setara kas. Sedangkan modal cash and cash equivalents. The equity relates to
meliputi seluruh ekuitas yang dapat diatribusikan the entire attributable equity to owners of the
kepada pemilik Perusahaan. Company.
Pada tanggal pelaporan, perhitungan rasio tersebut As of reporting dates, the calculations of this ratio
adalah sebagai berikut: are as follows:
31 Desember 31 Desember/
December 2025 December 2024
Jumlah liabilitas 1.538.289 3.266.106 Total liabilities
Dikurangi: kas dan setara kas (966.366) (1.532.633) Less: cash and cash equivalents
Liabilitas neto 571.923 1.733.473 Net liabilities
Jumlah ekuitas yang diatribusikan Total equity attributable to the
kepada pemilik Perusahaan 58.890.518 51.746.097 owners of the Company
Rasio pinjaman terhadap modal 0,010 0,033 Debt to equity ratio
Page 165
Ekshibit E/41 Exhibit E/41
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2025 DAN 2024 YEARS ENDED 31 DECEMBER 2025 AND 2024
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
18. MANAJEMEN RISIKO KEUANGAN (lanjutan) 18. FINANCIAL RISK MANAGEMENT (continued)
e. Risiko harga saham e. Share price risk
Grup telah menginvestasikan aset dalam jumlah The Group has maintained reasonable amounts of
yang wajar pada efek ekuitas. Grup berinvestasi invested assets in equity securities. The Group
dalam bisnis yang memiliki ekonomi yang sangat invests in businesses that possess excellent
baik, dengan manajemen yang cakap dan jujur dan economics, with capable and honest management
dengan harga yang masuk akal. and at sensible prices.
Harga pasar dari efek ekuitas tergantung pada Market prices of equity securities instruments are
fluktuasi yang dapat berdampak pada jumlah subject to fluctuation and consequently the amount
realisasi atas penjualan dari nilai investasi di masa realized in the subsequent sale of an investment may
depan dapat berbeda secara signifikan dari nilai significantly differ from the currently reported
yang dilaporkan sekarang. Fluktuasi harga pasar value. Fluctuations in the market price of such
dari instrumen tersebut dapat disebabkan oleh instruments may result from perceived changes in
perubahan karakteristik ekonomi yang mendasari the underlying economic characteristics of the
investee, harga relatif dari alternatif investasi dan investee, the relative price of alternative
kondisi pasar secara umum. investments and general market conditions.
Menguatnya/melemahnya harga saham tertentu The strengthening/weakening of certain share prices
pada 31 Desember 2025 dan 2024 akan at 31 December 2025 and 2024 would have
mengakibatkan peningkatan atau penurunan increased/decreased equity and profit and loss by
ekuitas dan laba rugi sebesar jumlah yang the amounts shown below, assuming all other
ditunjukkan di bawah ini, dengan asumsi seluruh variables held constant.
variabel lainnya tetap.
31 Desember/ 31 Desember/
December 2025 December 2024
ADRO & AADI menguat/melemah 10% ADRO & AADI strengthens/weakens by 10%
Ekuitas [naik/turun] 1.426.264 1.537.494 Equity [increase/decrease]
Laba rugi [naik/turun] 1.426.264 1.537.494 Profit or loss [increase/decrease]
TBIG menguat/melemah 10% TBIG strengthens/weakens by 10%
Ekuitas [naik/turun] 1.866.273 1.593.597 Equity [increase/decrease]
Laba rugi [naik/turun] 1.866.273 1.593.597 Profit or loss [increase/decrease]
MDKA menguat/melemah 10% MDKA strengthens/weakens by 10%
Ekuitas [naik/turun] 1.080.604 766.796 Equity [increase/decrease]
Laba rugi [naik/turun] 1.080.604 766.796 Profit or loss [increase/decrease]
MPMX menguat/melemah 10% MPMX strengthens/weakens by 10%
Ekuitas [naik/turun] 244.153 249.213 Equity [increase/decrease]
Laba rugi [naik/turun] 244.153 249.213 Profit or loss [increase/decrease]
19. PENYELESAIAN LAPORAN KEUANGAN KONSOLIDASIAN 19. THE COMPLETION OF CONSOLIDATED FINANCIAL
STATEMENT
Laporan keuangan konsolidasian Grup disetujui untuk The Group’s consolidated financial statements were
diterbitkan oleh Direksi pada tanggal 11 Maret 2026. authorized for issuance by the Board of Directors
11 March 2026.
Page 166
Page 167
Page 168
Page 169
Page 170
Page 171
Page 172
Page 173
2025 Annual Report
PT Saratoga Investama Sedaya Tbk.
PT Saratoga Investama Sedaya Tbk.
Menara Karya 15th Floor
Jl. H.R. Rasuna Said Block X-5 Kav. 1-2
South Jakarta 12950
Tel : +62 21 5794 4355
Fax : +62 21 5794 4365
www.saratoga-investama.com
Names mentioned 176 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Indonesia Stock Exchange
p.7
unresolved
org
PT Adaro
p.10 ×3
unresolved
org
PT Agro Maju
p.10
unresolved
org
PT Medco
p.10
unresolved
org
PT Trimitra
p.10
unresolved
org
PT Paiton
p.10
unresolved
org
PT Mulia Bosco Indonesia
p.10
unresolved
org
Energy Tbk.
p.10
unresolved
org
PT Merdeka
p.10 ×2
unresolved
org
PT Banyan Mas
p.10
unresolved
org
PT Tri Wahana
p.10
unresolved
org
PT Nusa Raya
p.10
unresolved
org
PT Famon Awal Infrastructure Bersama
p.10
unresolved
org
Cipta Tbk.
p.10
unresolved
org
Mustika Tbk.
p.10 ×3
unresolved
org
Consumer Tbk.
p.10
unresolved
org
PT Banyan
p.10
unresolved
org
PT Etika Karya
p.10
unresolved
org
PT Lintas
p.10
unresolved
org
Provident Agro Tbk.
p.10 ×6
unresolved
org
PT Provident
p.10 ×2
unresolved
org
Agro Tbk.
p.10
unresolved
org
Copper Gold Indonesia Tbk.
p.10
unresolved
org
Aneka Gas Industri Tbk.
p.10 ×2
unresolved
org
PT Deltomed
p.11
unresolved
org
PT Aneka Gas
p.11
unresolved
org
PT Famon Awal
p.11
unresolved
org
Bros Sedaya Tbk.
p.11
unresolved
org
PT Lintas Marga
p.11
unresolved
org
PT Batu Hitam
p.11
unresolved
org
PT Famon
p.11
unresolved
org
PT Deltomed Sedaya
p.11
unresolved
org
Sedaya Tbk.
p.11 ×2
unresolved
org
Investasi Bersama Tbk.
p.11
unresolved
org
Minister of Health Budi Gunadi Sadikin
p.17
unresolved
org
Minister of Human Rights
p.17
unresolved
org
Pte. Ltd.
p.24 ×2
unresolved
org
PT Adaro Andalan
p.30
unresolved
org
PT ESG New Energy Material
p.31
unresolved
org
PT Sulawesi Nickel Cobalt HPAL
p.31
unresolved
org
PT Dharma Samudera Fishing Industries
p.34
unresolved
org
PT Unitras
p.39
unresolved
org
PT Indivara Sejahtera
p.39
unresolved
org
PT TPS Consulting Indonesia
p.39
unresolved
person
Stephanus Harjanto T
· Commissioner
p.40 ×5
unresolved
org
Aria Kanaka & Rekan
p.40
unresolved
org
Chambers & Partners
p.40
unresolved
org
Indonesia Tbk.
p.41 ×2
unresolved
org
Pinasthika Mustika Tbk.
p.41
unresolved
org
Copper Gold Tbk.
p.41
unresolved
org
PT Zulu Alpha Papa
p.41
unresolved
org
PT Brawijaya Investama
p.41
unresolved
org
PT Foodex Inti Ingredients
p.41
unresolved
org
PT Paiton Energy
p.41
unresolved
org
PT Deltomed Laboratories
p.41
unresolved
org
Xurya Pte. Ltd.
p.41
unresolved
org
PT Alamtri Minerals
p.41
unresolved
org
PT UNITRAS SANDIAGA UNO PERTAMA
p.42
unresolved
org
PT Foodex Inti Ingredients FOREST CARBON
p.43
unresolved
org
Forest Carbon Pte. Ltd.
p.43
unresolved
org
PT Mulia Bosco Logistik MDKA
p.43
unresolved
org
PT Zulu Alpha Papa CONSUMER
p.43
unresolved
org
PT Wahana
p.47
unresolved
org
PT Interra Indo Subsidiary
p.47
unresolved
org
PT Wana Bhakti
p.47
unresolved
org
PT Trimitra Karya
p.47
unresolved
org
PT Surya Nuansa
p.47
unresolved
org
PT Lintas Indonesia
p.47
unresolved
org
PT Sarana Investasi Subsidiary
p.47
unresolved
org
Notary KAP Siddharta Widjaja & Rekan
p.48
unresolved
org
Siddharta Widjaja
p.48
unresolved
org
PT Datindo Entrycom
p.48
unresolved
person
Diharini
· Notaris
p.48 ×3
unresolved
person
Law. Ratna Wulandari
p.48
unresolved
person
Humberg Lie
· Notaris
p.48
unresolved
org
PT Pani Bersama
p.55
unresolved
org
PT Adaro Andalan Indonesia Saratoga
p.55
unresolved
org
PT Adaro Strategic Capital
p.57 ×5
unresolved
org
PT Adaro Strategic Lestari. Cash
p.57
unresolved
org
Financial Services Authority
p.62
unresolved
org
PT Kustodian Sentral Efek
p.67
unresolved
person
Public Accountant Harry Widjaja
p.68
unresolved
org
Widjaja & Rekan
p.68
unresolved
org
Minister of Law
p.69 ×2
unresolved
org
Investama Sedaya Tbk.
p.72
unresolved
person
Jose Dima Satria
· Notaris
p.72
unresolved
person
Joyce Soeryadjaya Kerr
· Komisaris
p.73 ×22
unresolved
—
Sidharta
p.74 ×3
unresolved
org
Ministry of Finance
p.75
unresolved
—
Lany Djuwita Wong
· Direktur
p.77 ×26
unresolved
person
Force.
· Director
p.78
unresolved
—
Meetings of the BoD
p.78
unresolved
—
BoD meetings to obtain the latest updates
p.78
unresolved
org
Bank Economic Outlook
p.79
unresolved
—
Committee
p.83
unresolved
—
concerning the Establishment and Implementation Guidelines
p.83
unresolved
—
effectiveness of internal control mechanisms, the reliability
p.83
unresolved
org
integrity of financial reporting, and the independence
p.83
unresolved
org
financial statements before being released to public
p.83
unresolved
—
external auditors.
p.83
unresolved
—
accountability throughout the Company’s operations.
p.83
unresolved
—
Committee Charter, which has been approved by
p.83
unresolved
—
BoC. The Charter outlines comprehensive guidance regarding
p.83
unresolved
—
duties and responsibilities. It serves as a key governance
p.83
unresolved
—
document that ensures the Committee functions independently
p.83
unresolved
—
objectively in performing its oversight role. Furthermore,
p.83
unresolved
—
Charter specifies the reporting mechanisms, meeting
p.83
unresolved
—
Committee Charter is made publicly available on
p.83
unresolved
org
PT Paxcis
p.84
unresolved
org
SDA South Bengara II Pty Ltd.
p.84
unresolved
org
Siddharta Widjaja & Rekan
p.85
unresolved
org
PT Unitras Pertama. Pemegang
p.126
unresolved
org
PT Nugraha Eka Kencana
p.127
unresolved
org
PT Bumi Hijau Asri
p.127
unresolved
org
PT Wana Bhakti Sukses Mineral
p.127
unresolved
org
PT Trimitra Karya Jaya
p.127 ×4
unresolved
org
PT Surya Nuansa Ceria
p.127 ×4
unresolved
org
PT Lintas Indonesia Sejahtera
p.127 ×4
unresolved
org
PT Interra Indo Resources
p.127 ×4
unresolved
org
PT Sarana Investasi Bersama
p.127
unresolved
org
PT Sukses Indonesia
p.127
unresolved
org
PT Adaro Strategic Lestari
p.157 ×3
unresolved
org
Alamtri Mineral Indonesia Tbk.
p.157 ×6
unresolved
org
Subsidiary Lynwood Hills Investment Solution Pte. Ltd.
p.157
unresolved
org
PT Wahana Anugerah Sejahtera Bersama Digital Infrastructure Asia
p.157
unresolved
org
Lynwood Hills Investment Solution Pte. Ltd.
p.157
unresolved
org
PT Mulia Bosco Logistik
p.157 ×2
unresolved
org
PT Mulia Gunung Mas
p.157
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